Sterling Capital Management LLC Sells 16,500 Shares of Parsons Corporation $PSN

Sterling Capital Management LLC trimmed its holdings in shares of Parsons Corporation (NYSE:PSN) by 91.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,616 shares of the company’s stock after selling 16,500 shares during the period. Sterling Capital Management LLC’s holdings in Parsons were worth $66,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Swedbank AB lifted its stake in 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 buying an additional 1,335,102 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Parsons by 10.5% during 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 purchased a new position in Parsons during the second quarter worth $89,697,000. Van ECK Associates Corp increased its position in Parsons by 389.3% during the second quarter. Van ECK Associates Corp now owns 1,125,767 shares of the company’s stock worth $58,979,000 after buying an additional 895,690 shares in the last quarter. Finally, Cooper Creek Partners Management LLC raised its holdings in shares of Parsons by 1,248.6% in the first quarter. Cooper Creek Partners Management LLC now owns 505,128 shares of the company’s stock worth $27,363,000 after acquiring an additional 467,672 shares during the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Stock Down 2.4%

Shares of NYSE PSN opened at $51.70 on Wednesday. The firm has a market cap of $5.46 billion, a P/E ratio of 25.70, a price-to-earnings-growth ratio of 4.46 and a beta of 0.69. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.59 and a current ratio of 1.59. Parsons Corporation has a 1 year low of $36.26 and a 1 year high of $88.00. The firm’s 50 day moving average price is $45.82 and its 200 day moving average price is $53.98.

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

Insider Activity at Parsons

In other Parsons news, Director George Ball acquired 20,000 shares of the stock in a transaction dated Friday, August 7th. The stock was acquired at an average price of $47.97 per share, with a total value of $959,400.00. Following the completion of the transaction, the director directly owned 170,383 shares in the company, 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 SEC, which is available at the SEC website. 1.31% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on PSN. Stifel Nicolaus reduced their price objective on Parsons from $79.00 to $66.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Truist Financial reiterated a “buy” rating and set a $60.00 price objective (down from $75.00) on shares of Parsons in a research report on Thursday, July 30th. Barclays cut their target price on shares of Parsons from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Citigroup reduced their target price on shares of Parsons from $66.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Finally, Robert W. Baird upgraded shares of Parsons from a “neutral” rating to an “outperform” rating and upped their target price for the company from $48.00 to $57.00 in a report on Friday, August 21st. Eleven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.50.

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.