153,688 Shares in Parsons Corporation $PSN Bought by Appian Way Asset Management LP

Key Points

• Appian Way Asset Management LP has acquired a new stake in Parsons Corporation, purchasing 153,688 shares valued at approximately $9.1 million, making it the fund's 13th largest holding.
• Parsons recently reported earnings of $0.78 EPS, exceeding consensus estimates and reflecting a 5.1% decrease in year-over-year revenue.
• Analysts have varied opinions on Parsons, with ratings ranging from "strong buy" to "hold," and an average price target now at $88.70.

Appian Way Asset Management LP bought a new stake in shares of Parsons Corporation (NYSE:PSN - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 153,688 shares of the company's stock, valued at approximately $9,100,000. Parsons comprises about 2.0% of Appian Way Asset Management LP's holdings, making the stock its 13th biggest position. Appian Way Asset Management LP owned about 0.14% of Parsons at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Quarry LP acquired a new stake in Parsons during the 4th quarter valued at $30,000. Versant Capital Management Inc acquired a new stake in Parsons during the 1st quarter valued at $27,000. UMB Bank n.a. grew its holdings in Parsons by 238.7% during 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 during the last quarter. Fifth Third Bancorp grew its holdings in Parsons by 1,803.4% during the 1st quarter. Fifth Third Bancorp now owns 552 shares of the company's stock valued at $33,000 after buying an additional 523 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in Parsons by 63.1% during the 1st quarter. Signaturefd LLC now owns 610 shares of the company's stock valued at $36,000 after buying an additional 236 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

Parsons Trading Up 2.3%

Shares of PSN traded up $1.66 during trading hours on Friday, hitting $75.56. The stock had a trading volume of 1,110,455 shares, compared to its average volume of 925,800. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market cap of $8.07 billion, a P/E ratio of 33.73, a P/E/G ratio of 3.90 and a beta of 0.63. The company's fifty day simple moving average is $76.73 and its 200 day simple moving average is $68.29. Parsons Corporation has a 12-month low of $54.56 and a 12-month high of $114.68.

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

Analyst Ratings Changes

PSN has been the topic of several analyst reports. Raymond James Financial upgraded Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price objective on the stock in a report on Tuesday, July 8th. Truist Financial raised their price objective on Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. KeyCorp restated an "overweight" rating and set a $84.00 price objective (up previously from $82.00) on shares of Parsons in a report on Thursday, August 7th. Stifel Nicolaus initiated coverage on Parsons in a report on Tuesday, June 24th. They set a "buy" rating and a $81.00 price objective on the stock. Finally, The Goldman Sachs Group decreased their price objective on Parsons from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Wednesday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $88.70.

Parsons 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.