Parsons Corporation $PSN Holdings Decreased by Newport Trust Company LLC

Newport Trust Company LLC lowered its stake in shares of Parsons Corporation (NYSE:PSN) by 2.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,009,167 shares of the company’s stock after selling 1,119,023 shares during the quarter. Parsons comprises approximately 9.6% of Newport Trust Company LLC’s investment portfolio, making the stock its 4th largest holding. Newport Trust Company LLC owned about 47.76% of Parsons worth $4,229,680,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Covestor Ltd grew its position in Parsons by 58.7% during the 3rd quarter. Covestor Ltd now owns 2,266 shares of the company’s stock worth $188,000 after purchasing an additional 838 shares during the last quarter. Verdence Capital Advisors LLC acquired a new stake in shares of Parsons during the third quarter worth $308,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Parsons by 18.3% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 54,286 shares of the company’s stock valued at $4,765,000 after buying an additional 8,399 shares during the last quarter. Amalgamated Bank grew its holdings in shares of Parsons by 12.5% during the third quarter. Amalgamated Bank now owns 24,218 shares of the company’s stock valued at $2,008,000 after buying an additional 2,682 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Parsons by 17.7% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 16,324 shares of the company’s stock valued at $1,354,000 after acquiring an additional 2,459 shares during the period. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Trading Up 0.5%

Shares of NYSE:PSN opened at $72.73 on Friday. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.46. Parsons Corporation has a 12-month low of $54.56 and a 12-month high of $89.50. The business has a 50 day moving average of $70.73 and a two-hundred day moving average of $76.88. The company has a market capitalization of $7.74 billion, a PE ratio of 33.36, a PEG ratio of 4.07 and a beta of 0.67.

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. UBS Group lowered their price target on Parsons from $107.00 to $104.00 and set a “buy” rating for the company in a research report on Thursday, January 15th. KeyCorp lifted their target price on Parsons from $76.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday. TD Cowen upgraded shares of Parsons from a “hold” rating to a “buy” rating and cut their price target for the stock from $90.00 to $75.00 in a report on Wednesday, December 10th. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 20th. Finally, Barclays upped their price objective on shares of Parsons from $70.00 to $78.00 and gave the company an “overweight” rating in a report on Friday. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.