Parsons Corporation $PSN Shares Sold by Highlander Partners L.P.

Key Points

• Highlander Partners cut its Parsons stake by 52.2% in the second quarter, selling 133,500 shares and retaining 122,400 shares valued at approximately $6.4 million. Institutional investors collectively own 98.02% of Parsons.
• Parsons reported a quarterly loss of $0.06 per share, missing the $0.76 consensus estimate, while revenue declined 0.5% year over year to $1.59 billion.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $64.08, despite some firms lowering targets and Zacks downgrading the stock to “strong sell.”

Highlander Partners L.P. trimmed its holdings in shares of Parsons Corporation (NYSE:PSN - Free Report) by 52.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 122,400 shares of the company's stock after selling 133,500 shares during the period. Parsons comprises approximately 2.1% of Highlander Partners L.P.'s investment portfolio, making the stock its 14th biggest position. Highlander Partners L.P. owned approximately 0.11% of Parsons worth $6,413,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in shares of Parsons by 10.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company's stock worth $102,494,000 after purchasing an additional 179,463 shares during the period. Swedbank AB lifted its holdings in shares of Parsons by 654.7% during the fourth quarter. Swedbank AB now owns 1,052,541 shares of the company's stock valued at $65,047,000 after purchasing an additional 913,079 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Parsons in the 2nd quarter valued at $9,053,000. Bastion Asset Management Inc. acquired a new position in shares of Parsons in the 4th quarter valued at $8,044,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Parsons in the 4th quarter valued at $1,853,000. Institutional investors and hedge funds own 98.02% of the company's stock.

Insider Buying and Selling at Parsons

In related news, Director George Ball purchased 20,000 shares of Parsons stock in a transaction dated Friday, August 7th. The stock was acquired at an average cost of $47.97 per share, with a total value of $959,400.00. Following the completion of the transaction, the director directly owned 170,383 shares of the company's stock, valued at $8,173,272.51. This trade represents a 13.30% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.31% of the stock is owned by corporate insiders.

Parsons Stock Down 0.1%

NYSE:PSN opened at $47.55 on Monday. The firm has a market capitalization of $5.08 billion, a price-to-earnings ratio of 32.79, a PEG ratio of 3.60 and a beta of 0.71. Parsons Corporation has a 1-year low of $36.26 and a 1-year high of $89.50. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.54. The business's fifty day moving average price is $51.12 and its 200 day moving average price is $54.21.

Parsons (NYSE:PSN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported ($0.06) earnings per share (EPS) 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 business had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.61 billion. During the same period in the prior year, the company posted $0.78 earnings per share. The firm's revenue was down .5% on a year-over-year basis. On average, sell-side analysts forecast that Parsons Corporation will post 2.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on PSN. The Goldman Sachs Group cut their price objective on Parsons from $69.00 to $60.00 and set a "neutral" rating on the stock in a report on Monday, August 3rd. William Blair reiterated an "outperform" rating on shares of Parsons in a report on Wednesday, July 29th. Zacks Research downgraded shares of Parsons from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 5th. Robert W. Baird upgraded shares of Parsons from a "neutral" rating to an "outperform" rating and boosted their price target for the company from $48.00 to $57.00 in a report on Friday, August 21st. Finally, Barclays cut their price target on shares of Parsons from $70.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $64.08.

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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