Parsons Corporation $PSN Stock: Prescott Group Capital Management L.L.C. Increases Stake

Prescott Group Capital Management L.L.C. increased its position in Parsons Corporation (NYSE:PSN) by 203.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 134,189 shares of the company’s stock after purchasing an additional 90,000 shares during the quarter. Prescott Group Capital Management L.L.C. owned approximately 0.13% of Parsons worth $5,498,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSN. Swedbank AB boosted its stake in shares of Parsons by 126.8% in the 1st quarter. Swedbank AB now owns 2,387,643 shares of the company’s stock valued at $129,339,000 after purchasing an additional 1,335,102 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Parsons by 10.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company’s stock valued at $102,494,000 after buying an additional 179,463 shares during the last quarter. Primecap Management Co. CA bought a new position in Parsons in the 2nd quarter valued at about $89,697,000. Van ECK Associates Corp raised its holdings in Parsons by 389.3% in the 2nd quarter. Van ECK Associates Corp now owns 1,125,767 shares of the company’s stock valued at $58,979,000 after acquiring an additional 895,690 shares during the period. Finally, Cooper Creek Partners Management LLC raised its holdings in Parsons by 1,248.6% in the 1st quarter. Cooper Creek Partners Management LLC now owns 505,128 shares of the company’s stock valued at $27,363,000 after acquiring an additional 467,672 shares during the period. 98.02% of the stock is owned by institutional investors.

Insider Activity

In other Parsons news, Director George Ball acquired 20,000 shares of Parsons stock in a transaction on Friday, August 7th. The stock was purchased at an average price of $47.97 per share, for a total transaction of $959,400.00. Following the purchase, the director directly owned 170,383 shares of the company’s stock, valued at $8,173,272.51. This trade represents a 13.30% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.31% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. TD Cowen reduced their price objective on Parsons from $72.00 to $62.00 and set a “buy” rating for the company in a report on Tuesday, October 6th. Zacks Research raised Parsons from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. Robert W. Baird upgraded Parsons from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $48.00 to $57.00 in a research note on Friday, August 21st. William Blair reissued an “outperform” rating on shares of Parsons in a report on Wednesday, July 29th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Parsons in a research note on Wednesday, October 28th. Eleven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $63.50.

Parsons Stock Down 2.4%

Parsons stock opened at $51.70 on Wednesday. The company has a market capitalization of $5.46 billion, a PE ratio of 37.73, a PEG ratio of 4.46 and a beta of 0.69. Parsons Corporation has a 12-month low of $36.26 and a 12-month high of $88.00. The firm’s fifty day moving average is $45.82 and its 200 day moving average is $53.98. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.49.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.09. Parsons had a return on equity of 8.11% and a net margin of 2.33%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the prior year, the business earned $0.86 EPS. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, sell-side analysts predict that Parsons Corporation will post 2.06 EPS for the current fiscal year.

Parsons Company Profile

Parsons Corporation (NYSE: PSN) is a technology-driven solutions provider serving government and commercial customers in the defense, intelligence, critical infrastructure and transportation markets. The company develops and integrates solutions for complex security, engineering and infrastructure challenges, combining software, systems engineering, cybersecurity, data analytics and program management capabilities.

Parsons operates through its Federal Solutions and Critical Infrastructure segments.