Sterling Capital Management LLC Sells 16,500 Shares of Parsons Corporation $PSN

Sterling Capital Management LLC cut its stake in Parsons Corporation (NYSE:PSN) by 91.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,616 shares of the company’s stock after selling 16,500 shares during the period. Sterling Capital Management LLC’s holdings in Parsons were worth $66,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of PSN. Primecap Management Co. CA purchased a new stake in Parsons in the second quarter valued at approximately $89,697,000. Swedbank AB increased its position in Parsons by 126.8% during 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. Van ECK Associates Corp raised its stake in Parsons by 389.3% during the second quarter. Van ECK Associates Corp now owns 1,125,767 shares of the company’s stock worth $58,979,000 after purchasing an additional 895,690 shares during the period. Cooper Creek Partners Management LLC raised its stake in Parsons by 1,248.6% during the first quarter. Cooper Creek Partners Management LLC now owns 505,128 shares of the company’s stock worth $27,363,000 after purchasing an additional 467,672 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Parsons by 10.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company’s stock valued at $102,494,000 after purchasing an additional 179,463 shares during the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Stock Down 2.4%

Shares of NYSE:PSN opened at $51.70 on Wednesday. The stock has a 50-day simple moving average of $45.82 and a 200-day simple moving average of $53.98. The stock has a market capitalization of $5.46 billion, a P/E ratio of 25.70, a PEG ratio of 4.46 and a beta of 0.69. Parsons Corporation has a 1 year low of $36.26 and a 1 year high of $88.00. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.59 and a current ratio of 1.59.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.80 by $0.09. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.62 billion. Parsons had a net margin of 2.33% and a return on equity of 8.11%. Parsons’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.86 earnings per share. Equities analysts forecast that Parsons Corporation will post 2.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PSN shares. Zacks Research upgraded shares of Parsons from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. Citigroup dropped their price objective on Parsons from $66.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Stifel Nicolaus cut their target price on Parsons from $79.00 to $66.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. UBS Group lifted their target price on Parsons from $61.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, October 29th. Finally, The Goldman Sachs Group reduced their target price on Parsons from $69.00 to $60.00 and set a “neutral” rating on the stock in a report on Monday, August 3rd. Eleven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.50.

Insider Transactions at Parsons

In other Parsons news, Director George Ball acquired 20,000 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was bought at an average price of $47.97 per share, with a total value of $959,400.00. Following the completion of the transaction, the director directly owned 170,383 shares of the company’s stock, valued at approximately $8,173,272.51. The trade was a 13.30% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.31% of the stock is currently owned by corporate insiders.

Parsons Profile

Parsons Corporation (NYSE: PSN) is a technology-driven solutions provider serving government and commercial customers in the defense, intelligence, critical infrastructure and transportation markets. The company develops and integrates solutions for complex security, engineering and infrastructure challenges, combining software, systems engineering, cybersecurity, data analytics and program management capabilities.

Parsons operates through its Federal Solutions and Critical Infrastructure segments.