New Age Alpha Advisors LLC Has $141,000 Stock Position in Parsons Corporation (NYSE:PSN)

Key Points

• New Age Alpha Advisors LLC significantly reduced its stock position in Parsons Corporation by 92.6%, ending with 2,389 shares valued at $141,000 after selling 30,086 shares in the first quarter.
• Despite this sell-off, other institutional investors like ProShare Advisors LLC and CWM LLC have increased their stakes, indicating mixed sentiment towards Parsons among hedge funds.
• Analysts have a consensus rating of "Buy" for Parsons, with varied target prices, and the company recently reported earnings per share of $0.78, exceeding expectations.

New Age Alpha Advisors LLC decreased its holdings in shares of Parsons Corporation (NYSE:PSN - Free Report) by 92.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,389 shares of the company's stock after selling 30,086 shares during the period. New Age Alpha Advisors LLC's holdings in Parsons were worth $141,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Versant Capital Management Inc acquired a new stake in shares of Parsons during the first quarter worth approximately $27,000. Quarry LP bought a new position in Parsons during the fourth quarter valued at approximately $30,000. UMB Bank n.a. raised its position in Parsons by 238.7% during the first quarter. UMB Bank n.a. now owns 552 shares of the company's stock valued at $33,000 after acquiring an additional 389 shares in the last quarter. Fifth Third Bancorp raised its position in Parsons by 1,803.4% during the first quarter. Fifth Third Bancorp now owns 552 shares of the company's stock valued at $33,000 after acquiring an additional 523 shares in the last quarter. Finally, Signaturefd LLC raised its position in shares of Parsons by 63.1% in the first quarter. Signaturefd LLC now owns 610 shares of the company's stock valued at $36,000 after purchasing an additional 236 shares during the period. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Performance

PSN traded down $2.09 during trading on Thursday, reaching $79.76. 1,197,344 shares of the company's stock were exchanged, compared to its average volume of 1,410,231. Parsons Corporation has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.47. The business has a 50 day moving average price of $73.29 and a 200 day moving average price of $68.08. The company has a market capitalization of $8.52 billion, a P/E ratio of 35.61, a PEG ratio of 4.91 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 for the quarter, topping analysts' consensus estimates of $0.74 by $0.04. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the previous year, the company earned $0.84 earnings per share. The business's revenue was down 5.1% compared to the same quarter last year. As a group, analysts predict that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Raymond James Financial raised shares of Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price target on the stock in a research report on Tuesday, July 8th. Truist Financial lifted their price target on shares of Parsons from $80.00 to $90.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Bank of America lowered their price objective on shares of Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a research note on Tuesday, June 3rd. Stifel Nicolaus initiated coverage on shares of Parsons in a research note on Tuesday, June 24th. They issued a "buy" rating and a $81.00 price objective on the stock. Finally, The Goldman Sachs Group lowered their price objective on shares of Parsons from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Wednesday, June 4th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Parsons currently has an average rating of "Buy" and an average price target of $88.70.

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.