Bastion Asset Management Inc. Acquires New Shares in Parsons Corporation $PSN

Bastion Asset Management Inc. bought a new stake in Parsons Corporation (NYSE:PSN) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 81,848 shares of the company’s stock, valued at approximately $5,732,000. Parsons makes up approximately 2.7% of Bastion Asset Management Inc.’s investment portfolio, making the stock its 11th biggest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in shares of Parsons by 229.5% in the 1st quarter. GAMMA Investing LLC now owns 1,038 shares of the company’s stock valued at $61,000 after buying an additional 723 shares in the last quarter. New York State Teachers Retirement System lifted its stake in Parsons by 1.8% in the first quarter. New York State Teachers Retirement System now owns 11,317 shares of the company’s stock valued at $670,000 after acquiring an additional 200 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Parsons by 4.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 157,001 shares of the company’s stock worth $9,296,000 after purchasing an additional 6,404 shares during the last quarter. TD Private Client Wealth LLC raised its holdings in shares of Parsons by 22.8% during the 1st quarter. TD Private Client Wealth LLC now owns 1,856 shares of the company’s stock valued at $110,000 after purchasing an additional 344 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in shares of Parsons by 25.6% during the 1st quarter. New York State Common Retirement Fund now owns 352,246 shares of the company’s stock valued at $20,856,000 after purchasing an additional 71,740 shares in the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on PSN. Zacks Research upgraded shares of Parsons from a “strong sell” rating to a “hold” rating in a report on Thursday, August 14th. Baird R W upgraded Parsons from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. KeyCorp increased their price objective on Parsons from $87.00 to $93.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Truist Financial boosted their target price on Parsons from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Finally, Robert W. Baird increased their price target on Parsons from $92.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, September 17th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $91.40.

Parsons Price Performance

NYSE PSN opened at $82.12 on Friday. The stock has a 50-day simple moving average of $81.91 and a 200 day simple moving average of $75.07. Parsons Corporation has a twelve month low of $54.56 and a twelve month high of $114.20. The stock has a market capitalization of $8.77 billion, a PE ratio of 37.67, a P/E/G ratio of 4.36 and a beta of 0.62. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.61 and a current ratio of 1.67.

Parsons (NYSE:PSN) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.74 by $0.12. Parsons had a return on equity of 11.98% and a net margin of 3.69%.The company had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the previous year, the business posted $0.95 EPS. The company’s revenue for the quarter was down 10.4% on a year-over-year basis. Parsons has set its FY 2025 guidance at EPS. Research analysts anticipate that Parsons Corporation will post 3.58 EPS for the current year.

Parsons Company Profile

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.