Formula Growth Ltd. Makes New Investment in Parsons Corporation $PSN

Formula Growth Ltd. acquired a new stake in Parsons Corporation (NYSE:PSN) during the second quarter, Holdings Channel.com reports. The fund acquired 11,324 shares of the company’s stock, valued at approximately $593,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PSN. Aster Capital Management DIFC Ltd bought a new stake in shares of Parsons during the fourth quarter worth about $25,000. Versant Capital Management Inc boosted its stake in Parsons by 183.6% during the 2nd quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock valued at $29,000 after purchasing an additional 358 shares during the last quarter. Danske Bank A S acquired a new position in Parsons during the 4th quarter valued at about $31,000. Los Angeles Capital Management LLC bought a new stake in Parsons during the 4th quarter worth approximately $32,000. Finally, Farther Finance Advisors LLC raised its stake in shares of Parsons by 613.2% in the fourth quarter. Farther Finance Advisors LLC now owns 756 shares of the company’s stock worth $47,000 after purchasing an additional 650 shares during the last quarter. 98.02% of the stock is owned by institutional investors.

Parsons Price Performance

Shares of NYSE PSN opened at $49.35 on Friday. The company has a market capitalization of $5.27 billion, a PE ratio of 34.03, a PEG ratio of 3.68 and a beta of 0.68. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.54. The stock’s 50 day moving average price is $51.40 and its 200-day moving average price is $54.95. Parsons Corporation has a twelve month low of $36.26 and a twelve month high of $89.50.

Parsons (NYSE:PSN) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Parsons had a net margin of 2.50% and a return on equity of 8.10%. The business’s revenue was down .5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.78 earnings per share. On average, equities analysts anticipate that Parsons Corporation will post 2.29 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. BNP Paribas Exane set a $65.00 target price on Parsons and gave the company an “outperform” rating in a report on Wednesday, May 27th. Zacks Research downgraded Parsons from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 5th. Robert W. Baird raised Parsons from a “neutral” rating to an “outperform” rating and increased their price target for the company from $48.00 to $57.00 in a research report on Friday, August 21st. The Goldman Sachs Group dropped their price objective on Parsons from $69.00 to $60.00 and set a “neutral” rating on the stock in a research note on Monday, August 3rd. Finally, Weiss Ratings lowered shares of Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Eleven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $64.08.

Insider Transactions at Parsons

In other Parsons news, Director George L. Ball bought 20,000 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was purchased at an average cost of $47.97 per share, with a total value of $959,400.00. Following the transaction, the director directly owned 170,383 shares in the company, valued at $8,173,272.51. This trade represents a 13.30% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.31% of the stock is owned by company insiders.

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.