TimesSquare Capital Management LLC Acquires 30,995 Shares of Parsons Corporation $PSN

TimesSquare Capital Management LLC grew its position in shares of Parsons Corporation (NYSE:PSN) by 9.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 345,115 shares of the company’s stock after purchasing an additional 30,995 shares during the quarter. TimesSquare Capital Management LLC owned approximately 0.32% of Parsons worth $28,617,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Mather Group LLC. bought a new stake in shares of Parsons in the 3rd quarter worth approximately $25,000. True Wealth Design LLC grew its stake in Parsons by 63.9% in the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock worth $35,000 after purchasing an additional 189 shares during the period. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Parsons during the third quarter worth about $40,000. NewEdge Advisors LLC grew its stake in shares of Parsons by 38.0% in the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock worth $57,000 after buying an additional 264 shares during the last quarter. Finally, Penserra Capital Management LLC purchased a new position in shares of Parsons in the 3rd quarter worth about $59,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on PSN shares. Truist Financial restated a “buy” rating and set a $85.00 price objective (down previously from $90.00) on shares of Parsons in a research report on Thursday. KeyCorp dropped their target price on shares of Parsons from $80.00 to $73.00 and set an “overweight” rating for the company in a report on Thursday. Raymond James Financial cut shares of Parsons from a “strong-buy” rating to a “market perform” rating in a research report on Friday, December 5th. Robert W. Baird dropped their price target on Parsons from $100.00 to $82.00 and set an “outperform” rating for the company in a research note on Monday, December 8th. Finally, Barclays upped their target price on shares of Parsons from $70.00 to $78.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Twelve investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $83.92.

Parsons Price Performance

NYSE PSN opened at $63.36 on Friday. The company has a market cap of $6.71 billion, a price-to-earnings ratio of 28.80, a PEG ratio of 3.55 and a beta of 0.66. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.75 and a quick ratio of 1.67. The stock’s fifty day moving average price is $66.55 and its 200 day moving average price is $76.13. Parsons Corporation has a 1 year low of $54.56 and a 1 year high of $89.50.

Parsons (NYSE:PSN) last released its quarterly earnings data on Wednesday, February 11th. The company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.06). Parsons had a return on equity of 11.81% and a net margin of 3.79%.The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the prior year, the company posted $0.78 EPS. The company’s revenue for the quarter was down 7.5% on a year-over-year basis. As a group, equities research analysts forecast that Parsons Corporation will post 3.58 earnings per share for the current year.

Parsons Company Profile

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, construction, technical and professional services firm. The company delivers end-to-end solutions that span feasibility studies, design and engineering, construction management, system integration and ongoing operations support. Parsons serves both government and commercial clients and focuses on critical infrastructure, defense, security, intelligence and environmental programs.

Core services include program and construction management for transportation systems, water and environmental infrastructure, cybersecurity and advanced systems integration.