Hsbc Holdings PLC Purchases Shares of 45,894 Parsons Corporation $PSN

Hsbc Holdings PLC purchased a new stake in Parsons Corporation (NYSE:PSN) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 45,894 shares of the company’s stock, valued at approximately $2,367,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PSN. Artisan Partners Limited Partnership lifted its position in Parsons by 6.2% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,477,159 shares of the company’s stock valued at $153,088,000 after acquiring an additional 145,238 shares during the last quarter. Swedbank AB grew its holdings in Parsons by 126.8% in the first quarter. Swedbank AB now owns 2,387,643 shares of the company’s stock worth $129,339,000 after purchasing an additional 1,335,102 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Parsons by 10.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company’s stock worth $102,494,000 after purchasing an additional 179,463 shares in the last quarter. Primecap Management Co. CA acquired a new position in shares of Parsons during the second quarter worth $89,697,000. Finally, Channing Capital Management LLC lifted its holdings in shares of Parsons by 16.8% during the 4th quarter. Channing Capital Management LLC now owns 1,484,039 shares of the company’s stock valued at $91,714,000 after purchasing an additional 213,312 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Trading Up 0.0%

NYSE PSN opened at $49.01 on Monday. Parsons Corporation has a 12-month low of $36.26 and a 12-month high of $89.50. The company has a fifty day simple moving average of $51.33 and a two-hundred day simple moving average of $54.81. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.54. The stock has a market cap of $5.23 billion, a P/E ratio of 33.80, a P/E/G ratio of 3.71 and a beta of 0.68.

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

Insiders Place Their Bets

In other news, Director George L. Ball purchased 20,000 shares of the company’s stock in a transaction on Friday, August 7th. The shares were acquired at an average price of $47.97 per share, for a total transaction of $959,400.00. Following the purchase, the director owned 170,383 shares in the company, valued at $8,173,272.51. This trade represents a 13.30% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.31% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PSN shares. The Goldman Sachs Group lowered their price objective on Parsons from $69.00 to $60.00 and set a “neutral” rating for the company in a research report on Monday, August 3rd. BNP Paribas Exane set a $65.00 price target on Parsons and gave the company an “outperform” rating in a research note on Wednesday, May 27th. William Blair reissued an “outperform” rating on shares of Parsons in a report on Wednesday, July 29th. Citigroup lowered their price target on Parsons from $66.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Finally, Stifel Nicolaus cut their price objective on shares of Parsons from $79.00 to $66.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $64.08.

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.