Retirement Systems of Alabama Buys 36,384 Shares of Parsons Corporation $PSN

Retirement Systems of Alabama increased its stake in Parsons Corporation (NYSE:PSN) by 63.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 93,860 shares of the company’s stock after purchasing an additional 36,384 shares during the quarter. Retirement Systems of Alabama’s holdings in Parsons were worth $7,783,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PSN. Channing Capital Management LLC raised its holdings in Parsons by 20.3% in the 2nd quarter. Channing Capital Management LLC now owns 1,277,286 shares of the company’s stock worth $91,671,000 after acquiring an additional 215,106 shares during the period. Hood River Capital Management LLC acquired a new stake in shares of Parsons in the second quarter valued at about $11,153,000. Wolverine Asset Management LLC bought a new position in shares of Parsons in the third quarter worth about $1,369,000. Blackston Financial Advisory Group LLC acquired a new position in shares of Parsons during the 2nd quarter worth about $310,000. Finally, Frontier Capital Management Co. LLC boosted its stake in Parsons by 568.4% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 510,525 shares of the company’s stock valued at $36,640,000 after purchasing an additional 434,142 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Price Performance

NYSE:PSN opened at $70.85 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.67 and a current ratio of 1.67. The company has a 50-day moving average of $69.83 and a 200-day moving average of $76.75. Parsons Corporation has a 52 week low of $54.56 and a 52 week high of $89.50. The company has a market capitalization of $7.55 billion, a price-to-earnings ratio of 32.50, a PEG ratio of 4.01 and a beta of 0.67.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.12. The firm had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.67 billion. Parsons had a net margin of 3.69% and a return on equity of 11.98%. The company’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 earnings per share. As a group, equities research analysts anticipate that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PSN. Weiss Ratings reiterated a “hold (c)” rating on shares of Parsons in a report on Monday, December 29th. TD Cowen upgraded shares of Parsons from a “hold” rating to a “buy” rating and cut their target price for the company from $90.00 to $75.00 in a research note on Wednesday, December 10th. Raymond James Financial lowered shares of Parsons from a “strong-buy” rating to a “market perform” rating in a research report on Friday, December 5th. Jefferies Financial Group restated a “hold” rating on shares of Parsons in a report on Thursday, January 15th. Finally, Bank of America reduced their target price on shares of Parsons from $95.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, December 30th. Twelve analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $85.54.

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.