Parsons Corporation $PSN Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp boosted its stake in shares of Parsons Corporation (NYSE:PSN) by 389.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,125,767 shares of the company’s stock after buying an additional 895,690 shares during the quarter. Van ECK Associates Corp’s holdings in Parsons were worth $58,979,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PSN. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parsons during the fourth quarter valued at about $25,000. Danske Bank A S acquired a new position in shares of Parsons in the 4th quarter worth approximately $31,000. Los Angeles Capital Management LLC acquired a new position in shares of Parsons in the 4th quarter worth approximately $32,000. Versant Capital Management Inc boosted its position in shares of Parsons by 183.6% during the 2nd 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 period. Finally, Farther Finance Advisors LLC boosted its position in shares of Parsons by 613.2% during the 4th quarter. Farther Finance Advisors LLC now owns 756 shares of the company’s stock worth $47,000 after purchasing an additional 650 shares during the period. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PSN. Citigroup dropped their target price on shares of Parsons from $66.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, July 30th. TD Cowen restated a “buy” rating on shares of Parsons in a research report on Wednesday, July 29th. Stifel Nicolaus dropped their price objective on Parsons from $79.00 to $66.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Truist Financial reiterated a “buy” rating and issued a $60.00 price objective (down from $75.00) on shares of Parsons in a report on Thursday, July 30th. Finally, Weiss Ratings downgraded Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Eleven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Parsons currently has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Insider Buying and Selling

In other Parsons news, Director George L. Ball purchased 20,000 shares of the company’s stock in a transaction on Friday, August 7th. The stock was acquired at an average price of $47.97 per share, for a total transaction of $959,400.00. Following the completion of the purchase, the director directly owned 170,383 shares in the company, valued at approximately $8,173,272.51. The trade was a 13.30% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.31% of the stock is owned by corporate insiders.

Parsons Trading Down 0.5%

NYSE PSN opened at $49.01 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.66 and a current ratio of 1.66. The firm has a market cap of $5.23 billion, a price-to-earnings ratio of 33.80, a PEG ratio of 3.71 and a beta of 0.68. The firm has a 50 day simple moving average of $51.33 and a 200-day simple moving average of $54.91. Parsons Corporation has a one year low of $36.26 and a one year high of $89.50.

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