Hsbc Holdings PLC Makes New Investment in Parsons Corporation $PSN

Key Points

• HSBC Holdings bought 45,894 Parsons shares worth approximately $2.37 million in the second quarter. Institutional investors collectively own 98.02% of the company.
• Analysts maintain a generally positive view, with 11 Buy, three Hold and two Sell ratings; the stock has an average rating of “Moderate Buy” and an average price target of $64.08.
• Parsons reported a quarterly loss of $0.06 per share, missing the $0.76 consensus estimate, while revenue fell 0.5% year over year to $1.59 billion. Shares opened at $49.01, well below the average analyst target.

Hsbc Holdings PLC bought a new stake in shares of Parsons Corporation (NYSE:PSN - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 45,894 shares of the company's stock, valued at approximately $2,367,000.

Several other hedge funds have also bought and sold shares of the stock. Aster Capital Management DIFC Ltd purchased a new stake in Parsons in the 4th quarter worth $25,000. Danske Bank A S purchased a new position in shares of Parsons in the fourth quarter valued at about $31,000. Los Angeles Capital Management LLC bought a new position in shares of Parsons in the fourth quarter worth about $32,000. Versant Capital Management Inc boosted its stake in shares of Parsons by 183.6% in the second quarter. Versant Capital Management Inc now owns 553 shares of the company's stock worth $29,000 after acquiring an additional 358 shares during the period. Finally, Farther Finance Advisors LLC grew its position in shares of Parsons by 613.2% during the fourth quarter. Farther Finance Advisors LLC now owns 756 shares of the company's stock worth $47,000 after purchasing an additional 650 shares in the last quarter. Institutional investors own 98.02% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Weiss Ratings lowered Parsons from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday, July 30th. Stifel Nicolaus decreased their price objective on Parsons from $79.00 to $66.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Robert W. Baird upgraded Parsons from a "neutral" rating to an "outperform" rating and increased their target price for the company from $48.00 to $57.00 in a research report on Friday, August 21st. UBS Group cut their target price on shares of Parsons from $67.00 to $58.00 and set a "buy" rating for the company 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. Eleven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $64.08.

Parsons Price Performance

Shares of PSN stock opened at $49.01 on Monday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.66 and a quick ratio of 1.66. The company has a market capitalization of $5.23 billion, a P/E ratio of 33.80, a P/E/G ratio of 3.71 and a beta of 0.68. The company's 50-day simple moving average is $51.33 and its two-hundred day simple moving average is $54.81. Parsons Corporation has a one year low of $36.26 and a one year high of $89.50.

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

Insider Buying and Selling

In related news, Director George L. Ball bought 20,000 shares of the stock in a transaction on Friday, August 7th. The stock was bought at an average price of $47.97 per share, for a total transaction of $959,400.00. Following the completion of the acquisition, the director directly owned 170,383 shares in the company, valued at approximately $8,173,272.51. This represents a 13.30% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.31% of the stock is owned by company insiders.

About Parsons

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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