PDT Partners LLC Buys New Position in Parsons Corporation $PSN

PDT Partners LLC acquired a new stake in Parsons Corporation (NYSE:PSN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 28,590 shares of the company’s stock, valued at approximately $1,498,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd purchased a new position in shares of Parsons in the 4th quarter valued at approximately $25,000. Versant Capital Management Inc raised its stake in shares of Parsons by 183.6% during the second quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock worth $29,000 after purchasing an additional 358 shares during the last quarter. Danske Bank A S acquired a new stake in shares of Parsons during the fourth quarter worth $31,000. Los Angeles Capital Management LLC acquired a new stake in shares of Parsons during the fourth quarter worth $32,000. Finally, Farther Finance Advisors LLC increased its stake in Parsons by 613.2% in the 4th quarter. Farther Finance Advisors LLC now owns 756 shares of the company’s stock valued at $47,000 after buying an additional 650 shares during the period. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Insider Buying and Selling at Parsons

In other news, Director George L. Ball acquired 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average cost of $47.97 per share, with a total value of $959,400.00. Following 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 position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 1.31% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on PSN shares. Barclays reduced 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. William Blair reissued an “outperform” rating on shares of Parsons in a report on Wednesday, July 29th. Weiss Ratings downgraded shares of Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. Robert W. Baird raised Parsons from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $48.00 to $57.00 in a report on Friday, August 21st. Finally, Citigroup dropped their target price on Parsons from $66.00 to $53.00 and set a “buy” rating on the stock in a research 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Parsons Stock Performance

Shares of PSN opened at $48.64 on Thursday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.54. Parsons Corporation has a 52-week low of $36.26 and a 52-week high of $89.50. The company has a 50-day simple moving average of $51.45 and a 200-day simple moving average of $55.09. The company has a market capitalization of $5.19 billion, a PE ratio of 33.54, a P/E/G ratio of 3.64 and a beta of 0.68.

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

Parsons 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.