EP Wealth Advisors LLC Makes New $582,000 Investment in Parsons Corporation $PSN

EP Wealth Advisors LLC acquired a new stake in Parsons Corporation (NYSE:PSN) during the second quarter, HoldingsChannel.com reports. The fund acquired 11,105 shares of the company’s stock, valued at approximately $582,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Public Employees Retirement System of Ohio increased its holdings in Parsons by 0.9% in the third quarter. Public Employees Retirement System of Ohio now owns 17,029 shares of the company’s stock valued at $1,412,000 after buying an additional 144 shares during the last quarter. Kennedy Capital Management LLC boosted its position in shares of Parsons by 0.4% during the 4th quarter. Kennedy Capital Management LLC now owns 47,680 shares of the company’s stock worth $2,947,000 after acquiring an additional 194 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of Parsons by 38.0% during the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock worth $57,000 after acquiring an additional 264 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of Parsons by 2.8% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,900 shares of the company’s stock valued at $590,000 after acquiring an additional 300 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of Parsons by 183.6% in the 2nd quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock valued at $29,000 after acquiring an additional 358 shares during the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSN has been the subject of a number of research analyst reports. The Goldman Sachs Group lowered their price target on Parsons from $69.00 to $60.00 and set a “neutral” rating for the company in a report on Monday, August 3rd. TD Cowen restated a “buy” rating on shares of Parsons in a report on Wednesday, July 29th. Jefferies Financial Group upgraded shares of Parsons from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Sunday, August 2nd. Zacks Research cut shares of Parsons from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 5th. Finally, Citigroup decreased their price objective on shares of Parsons from $66.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Eleven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $64.08.

Parsons Stock Performance

NYSE PSN opened at $48.87 on Tuesday. The stock has a market capitalization of $5.22 billion, a price-to-earnings ratio of 33.70, a PEG ratio of 3.71 and a beta of 0.68. The business’s 50 day moving average is $51.73 and its two-hundred day moving average is $55.37. Parsons Corporation has a 12-month low of $36.26 and a 12-month high of $89.50. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.54.

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

Insider Buying and Selling at Parsons

In related news, Director George L. Ball acquired 20,000 shares of Parsons stock in a transaction that occurred 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 completion of the purchase, the director directly owned 170,383 shares of the company’s stock, valued at approximately $8,173,272.51. This trade represents a 13.30% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.31% of the stock is currently owned by company insiders.

About Parsons

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.