Highlander Partners L.P. Acquires 112,500 Shares of Parsons Corporation $PSN

Key Points

• Highlander Partners L.P. increased its stake in Parsons by 68.3%, acquiring an additional 112,500 shares to hold 277,300 shares (about 6.1% of the fund’s portfolio), worth roughly $17.14 million and representing ~0.26% of Parsons.
• Parsons carries a consensus analyst rating of “Moderate Buy” with a consensus price target of $78.17; the company recently beat EPS estimates ($0.79 vs. $0.70) while revenue fell 4.1% y/y and the stock trades around $49.79 near its 52‑week low.

Highlander Partners L.P. raised its holdings in Parsons Corporation (NYSE:PSN - Free Report) by 68.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 277,300 shares of the company's stock after buying an additional 112,500 shares during the quarter. Parsons accounts for about 6.1% of Highlander Partners L.P.'s investment portfolio, making the stock its 4th largest position. Highlander Partners L.P. owned about 0.26% of Parsons worth $17,137,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Truist Financial Corp grew its holdings in Parsons by 52.3% in the 4th quarter. Truist Financial Corp now owns 8,091 shares of the company's stock valued at $500,000 after buying an additional 2,778 shares during the last quarter. LVZ Inc. lifted its position in shares of Parsons by 10.5% in the 4th quarter. LVZ Inc. now owns 6,992 shares of the company's stock worth $432,000 after acquiring an additional 663 shares during the period. Cornerstone Planning Group LLC lifted its position in shares of Parsons by 4,620.0% in the 4th quarter. Cornerstone Planning Group LLC now owns 7,788 shares of the company's stock worth $481,000 after acquiring an additional 7,623 shares during the period. Fifth Third Bancorp lifted its position in shares of Parsons by 17.6% in the 4th quarter. Fifth Third Bancorp now owns 5,330 shares of the company's stock worth $329,000 after acquiring an additional 796 shares during the period. Finally, Danske Bank A S bought a new stake in shares of Parsons in the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 98.02% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Jefferies Financial Group reiterated a "hold" rating on shares of Parsons in a research report on Sunday. UBS Group reduced their price objective on Parsons from $104.00 to $95.00 and set a "buy" rating for the company in a research report on Thursday, February 12th. Barclays reduced their price objective on Parsons from $78.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. KeyCorp downgraded Parsons from an "overweight" rating to a "sector weight" rating in a research report on Tuesday, April 14th. Finally, Citigroup cut their target price on Parsons from $70.00 to $65.00 and set a "buy" rating for the company in a research report on Thursday, April 30th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Parsons has a consensus rating of "Moderate Buy" and a consensus price target of $78.17.

Parsons Trading Down 0.5%

Shares of PSN opened at $49.79 on Wednesday. The stock has a fifty day moving average price of $56.61 and a two-hundred day moving average price of $67.25. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.75 and a current ratio of 1.75. Parsons Corporation has a 52-week low of $49.28 and a 52-week high of $89.50. The company has a market cap of $5.33 billion, a price-to-earnings ratio of 23.82, a PEG ratio of 1.56 and a beta of 0.60.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.09. Parsons had a return on equity of 11.52% and a net margin of 3.62%.The firm had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the company posted $0.60 EPS. The business's revenue for the quarter was down 4.1% compared to the same quarter last year. Analysts predict that Parsons Corporation will post 2.99 EPS for the current fiscal year.

Parsons 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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