172,804 Shares in Parsons Corporation $PSN Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management acquired 172,804 Parsons shares valued at approximately $9.1 million, while institutional investors overall own 98.02% of the company.
• Parsons reported a quarterly loss of $0.06 per share, missing estimates by $0.82, as revenue fell 0.5% year over year to $1.59 billion. The stock opened at $46.06, down 2.2%.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $64.08, although several firms recently lowered targets. Director George L. Ball separately purchased 20,000 shares worth about $959,400.

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Parsons Corporation (NYSE:PSN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 172,804 shares of the company's stock, valued at approximately $9,053,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.16% of Parsons as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new position in Parsons in the 4th quarter worth approximately $25,000. Versant Capital Management Inc grew its holdings in 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 acquiring an additional 358 shares in the last quarter. Danske Bank A S bought a new stake in Parsons in the fourth quarter valued at about $31,000. Los Angeles Capital Management LLC bought a new stake in shares of Parsons in the 4th quarter valued at approximately $32,000. Finally, ST Germain D J Co. Inc. bought a new stake in Parsons during the fourth quarter valued at $41,000. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Stock Down 2.2%

Parsons stock opened at $46.06 on Friday. The firm has a market cap of $4.92 billion, a price-to-earnings ratio of 31.77, a P/E/G ratio of 3.57 and a beta of 0.68. Parsons Corporation has a fifty-two week low of $36.26 and a fifty-two week high of $89.50. The firm has a fifty day moving average price of $52.02 and a two-hundred day moving average price of $55.64. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.66 and a quick ratio of 1.66.

Parsons (NYSE:PSN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.76 by ($0.82). Parsons had a net margin of 2.50% and a return on equity of 8.10%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the company earned $0.78 EPS. The company's revenue was down .5% on a year-over-year basis. As a group, analysts forecast that Parsons Corporation will post 2.29 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PSN. UBS Group dropped their price target on Parsons from $67.00 to $58.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Jefferies Financial Group raised shares of Parsons from a "hold" rating to a "buy" rating and set a $52.00 price target for the company in a research note on Sunday, August 2nd. Zacks Research lowered Parsons from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 5th. Truist Financial restated a "buy" rating and set a $60.00 target price (down from $75.00) on shares of Parsons in a report on Thursday, July 30th. Finally, TD Cowen reiterated a "buy" rating on shares of Parsons in a research report on Wednesday, July 29th. Ten analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $64.08.

Insider Buying and Selling at Parsons

In other Parsons news, Director George L. Ball bought 20,000 shares of Parsons stock in a transaction dated Friday, August 7th. The shares were acquired at an average cost of $47.97 per share, with a total value of $959,400.00. Following the acquisition, the director directly owned 170,383 shares of the company's stock, valued at $8,173,272.51. The trade was a 13.30% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.31% of the company's stock.

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.

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