334,800 Shares in Parsons Corporation (NYSE:PSN) Acquired by Primecap Management Co. CA

Key Points

• Primecap Management Co. CA acquired 334,800 shares of Parsons Corporation (NYSE:PSN) for approximately $19.8 million during the first quarter, representing about 0.31% ownership of the company.
• Parsons Corporation's latest earnings report showed $0.78 EPS, exceeding estimates, though revenue declined 5.1% year-over-year.
• Analysts have mixed ratings for Parsons, with the consensus being a "Moderate Buy" and an average price target of $88.70 per share.

Primecap Management Co. CA bought a new position in Parsons Corporation (NYSE:PSN - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 334,800 shares of the company's stock, valued at approximately $19,824,000. Primecap Management Co. CA owned about 0.31% of Parsons at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of PSN. Aster Capital Management DIFC Ltd bought a new position in Parsons during the fourth quarter valued at about $25,000. CIBC Private Wealth Group LLC acquired a new stake in Parsons during the fourth quarter worth $25,000. Versant Capital Management Inc acquired a new stake in Parsons during the first quarter worth $27,000. Quarry LP acquired a new stake in Parsons during the fourth quarter worth $30,000. Finally, UMB Bank n.a. boosted its stake in Parsons by 238.7% in the 1st quarter. UMB Bank n.a. now owns 552 shares of the company's stock valued at $33,000 after buying an additional 389 shares in the last quarter. 98.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSN has been the subject of several research analyst reports. Bank of America cut their price objective on Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a research report on Tuesday, June 3rd. KeyCorp reiterated an "overweight" rating and issued a $84.00 price objective (up previously from $82.00) on shares of Parsons in a research report on Thursday, August 7th. Stifel Nicolaus began coverage on Parsons in a research report on Tuesday, June 24th. They issued a "buy" rating and a $81.00 price objective for the company. Jefferies Financial Group boosted their target price on Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a research report on Wednesday, July 2nd. Finally, Baird R W upgraded Parsons from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $88.70.

Parsons Price Performance

Parsons stock traded up $0.88 during mid-day trading on Tuesday, reaching $79.33. 204,461 shares of the company were exchanged, compared to its average volume of 1,409,153. The company has a fifty day simple moving average of $72.78 and a 200-day simple moving average of $67.90. Parsons Corporation has a 12 month low of $54.56 and a 12 month high of $114.68. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market cap of $8.47 billion, a PE ratio of 35.33, a PEG ratio of 4.77 and a beta of 0.58.

Parsons (NYSE:PSN - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.04. Parsons had a return on equity of 12.36% and a net margin of 3.70%. The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.60 billion. During the same quarter in the prior year, the firm earned $0.84 EPS. The business's revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, equities research analysts expect that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

Parsons Company Profile

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.