Algert Global LLC Sells 94,638 Shares of Parsons Corporation $PSN

Key Points

• Algert Global LLC has significantly reduced its stake in Parsons Corporation by 58.9%, now owning approximately 0.06% of the company's shares valued at about $3.91 million.
• During the same period, various institutional investors made notable changes, with GAMMA Investing LLC increasing its holdings by an astonishing 19,411.1%.
• Parsons reported earnings of $0.78 EPS, surpassing expectations, despite a '5.1% year-over-year revenue decline' in its latest quarterly earnings report.

Algert Global LLC decreased its holdings in Parsons Corporation (NYSE:PSN - Free Report) by 58.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 66,071 shares of the company's stock after selling 94,638 shares during the period. Algert Global LLC owned about 0.06% of Parsons worth $3,912,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. First Command Advisory Services Inc. purchased a new stake in shares of Parsons during the 1st quarter worth about $385,000. New York State Teachers Retirement System raised its stake in shares of Parsons by 1.8% during the 1st quarter. New York State Teachers Retirement System now owns 11,317 shares of the company's stock worth $670,000 after purchasing an additional 200 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Parsons by 8.2% during the 1st quarter. Vanguard Group Inc. now owns 4,952,299 shares of the company's stock worth $293,226,000 after purchasing an additional 376,764 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Parsons by 152.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 9,195 shares of the company's stock worth $544,000 after purchasing an additional 5,546 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Parsons by 41.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,035 shares of the company's stock worth $1,186,000 after purchasing an additional 5,828 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

Parsons Stock Performance

PSN stock traded up $1.2920 during mid-day trading on Friday, reaching $79.9220. 1,014,975 shares of the stock traded hands, compared to its average volume of 966,450. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.47. Parsons Corporation has a 52 week low of $54.56 and a 52 week high of $114.68. The business has a 50-day moving average of $74.65 and a two-hundred day moving average of $68.06. The firm has a market capitalization of $8.53 billion, a PE ratio of 35.68, a P/E/G ratio of 4.14 and a beta of 0.58.

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

Analyst Ratings Changes

A number of research firms have recently weighed in on PSN. Stifel Nicolaus began coverage on Parsons in a research note on Tuesday, June 24th. They set a "buy" rating and a $81.00 price target for the company. Jefferies Financial Group boosted their price target on Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a research report on Wednesday, July 2nd. Bank of America reduced their price target on Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a research report on Tuesday, June 3rd. Raymond James Financial raised Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price target for the company in a research report on Tuesday, July 8th. Finally, Truist Financial boosted their price target on Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $88.70.

About Parsons

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.