Y Intercept Hong Kong Ltd Purchases New Holdings in Parsons Corporation $PSN

Y Intercept Hong Kong Ltd purchased a new position in shares of Parsons Corporation (NYSE:PSN) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 85,554 shares of the company’s stock, valued at approximately $4,634,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Swedbank AB increased its stake in Parsons by 654.7% during the 4th quarter. Swedbank AB now owns 1,052,541 shares of the company’s stock worth $65,047,000 after acquiring an additional 913,079 shares during the period. AQR Capital Management LLC lifted its position in shares of Parsons by 151.5% during the 2nd quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock valued at $75,173,000 after acquiring an additional 639,481 shares during the period. Brown Advisory Inc. lifted its position in shares of Parsons by 142.1% during the 4th quarter. Brown Advisory Inc. now owns 833,322 shares of the company’s stock valued at $51,499,000 after acquiring an additional 489,187 shares during the period. Alyeska Investment Group L.P. acquired a new stake in shares of Parsons during the 3rd quarter worth $38,880,000. Finally, Millennium Management LLC grew its holdings in shares of Parsons by 973.5% during the 4th quarter. Millennium Management LLC now owns 513,630 shares of the company’s stock worth $31,742,000 after purchasing an additional 465,785 shares in the last quarter. Institutional investors own 98.02% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on PSN. Zacks Research upgraded Parsons from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. BNP Paribas Exane set a $65.00 price objective on shares of Parsons and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Citigroup increased their price objective on shares of Parsons from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday. Jefferies Financial Group reissued a “hold” rating on shares of Parsons in a report on Sunday, May 3rd. Finally, KeyCorp cut shares of Parsons from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 14th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Insider Activity at Parsons

In other Parsons news, Director Mark Keith Holdsworth bought 10,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was purchased at an average price of $51.27 per share, with a total value of $512,700.00. Following the completion of the purchase, the director owned 39,918 shares in the company, valued at $2,046,595.86. The trade was a 33.42% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Carey A. Smith bought 12,500 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was bought at an average cost of $49.97 per share, with a total value of $624,625.00. Following the acquisition, the chief executive officer directly owned 575,376 shares of the company’s stock, valued at approximately $28,751,538.72. The trade was a 2.22% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 32,500 shares of company stock valued at $1,637,325 over the last ninety days. 1.31% of the stock is owned by corporate insiders.

Parsons Trading Down 0.2%

Shares of PSN stock opened at $56.20 on Monday. The stock’s fifty day moving average price is $53.65 and its two-hundred day moving average price is $59.26. The company has a market cap of $6.01 billion, a PE ratio of 26.89, a P/E/G ratio of 1.77 and a beta of 0.66. Parsons Corporation has a fifty-two week low of $46.88 and a fifty-two week high of $89.50. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.75 and a current ratio of 1.75.

Parsons (NYSE:PSN) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.09. Parsons had a return on equity of 11.52% and a net margin of 3.62%.The company had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the company posted $0.60 EPS. The company’s revenue for the quarter was down 4.1% compared to the same quarter last year. Equities analysts predict that Parsons Corporation will post 2.97 EPS for the current fiscal year.

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.