Parsons Corporation $PSN Shares Sold by Earnest Partners LLC

Earnest Partners LLC cut its stake in shares of Parsons Corporation (NYSE:PSN) by 4.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,935,358 shares of the company’s stock after selling 92,377 shares during the quarter. Earnest Partners LLC’s holdings in Parsons were worth $160,480,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PSN. Vanguard Group Inc. lifted its holdings in shares of Parsons by 2.6% during the third quarter. Vanguard Group Inc. now owns 5,077,310 shares of the company’s stock valued at $421,011,000 after purchasing an additional 130,694 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in Parsons by 10.3% in the 3rd quarter. Artisan Partners Limited Partnership now owns 2,331,921 shares of the company’s stock worth $193,363,000 after purchasing an additional 217,342 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Parsons by 2.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,682,586 shares of the company’s stock worth $139,511,000 after buying an additional 45,922 shares during the period. Channing Capital Management LLC raised its holdings in Parsons by 20.3% during the 2nd quarter. Channing Capital Management LLC now owns 1,277,286 shares of the company’s stock worth $91,671,000 after buying an additional 215,106 shares during the period. Finally, AQR Capital Management LLC lifted its stake in Parsons by 151.5% during the second quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock valued at $75,173,000 after buying an additional 639,481 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Trading Down 3.4%

NYSE:PSN opened at $54.88 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.75 and a quick ratio of 1.75. Parsons Corporation has a fifty-two week low of $54.64 and a fifty-two week high of $89.50. The stock’s 50-day moving average is $66.87 and its two-hundred day moving average is $74.11. The stock has a market cap of $5.81 billion, a PE ratio of 24.95, a price-to-earnings-growth ratio of 1.72 and a beta of 0.68.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, February 11th. The company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.06). The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.68 billion. Parsons had a net margin of 3.79% and a return on equity of 11.81%. Parsons’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 EPS. As a group, equities research analysts forecast that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

Analyst Ratings Changes

PSN has been the topic of several analyst reports. TD Cowen raised shares of Parsons from a “hold” rating to a “buy” rating and dropped their target price for the stock from $90.00 to $75.00 in a research report on Wednesday, December 10th. Stifel Nicolaus reduced their price target on shares of Parsons from $94.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, December 23rd. KeyCorp decreased their price objective on shares of Parsons from $80.00 to $73.00 and set an “overweight” rating for the company in a research note on Thursday, February 12th. Truist Financial reiterated a “buy” rating and set a $85.00 price objective (down from $90.00) on shares of Parsons in a research report on Thursday, February 12th. Finally, Raymond James Financial downgraded shares of Parsons from a “strong-buy” rating to a “market perform” rating in a research note on Friday, December 5th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Parsons presently has a consensus rating of “Moderate Buy” and an average target price of $83.42.

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.