Newport Trust Company LLC Trims Stake in Parsons Corporation $PSN

Key Points

• Newport Trust Company LLC reduced its holdings in Parsons Corporation (PSN) by 1.0%, now owning approximately 52,975,128 shares, which is valued at around $3.14 billion.
• Parsons reported $0.78 EPS for the most recent quarter, beating estimates, but its revenue of $1.58 billion fell short of expectations, down 5.1% compared to the previous year.
• Analysts have upgraded Parsons from a "market perform" to a "strong-buy" rating, with a consensus target price of $88.70, highlighting a favorable market outlook.

Newport Trust Company LLC lessened its holdings in Parsons Corporation (NYSE:PSN - Free Report) by 1.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,975,128 shares of the company's stock after selling 531,039 shares during the quarter. Parsons accounts for 8.0% of Newport Trust Company LLC's investment portfolio, making the stock its 4th largest position. Newport Trust Company LLC owned approximately 49.57% of Parsons worth $3,136,657,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Versant Capital Management Inc purchased a new position in shares of Parsons during the 1st quarter valued at $27,000. Quarry LP purchased a new position in shares of Parsons during the 4th quarter valued at $30,000. UMB Bank n.a. lifted its position in shares of 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 lifted its holdings in Parsons by 1,803.4% during the 1st quarter. Fifth Third Bancorp now owns 552 shares of the company's stock worth $33,000 after purchasing an additional 523 shares in the last quarter. Finally, Signaturefd LLC lifted its holdings in Parsons by 63.1% during the 1st quarter. Signaturefd LLC now owns 610 shares of the company's stock worth $36,000 after purchasing an additional 236 shares in the last quarter. Institutional investors own 98.02% of the company's stock.

Parsons Price Performance

Shares of NYSE:PSN traded down $0.1010 on Monday, hitting $79.7190. The company's stock had a trading volume of 718,606 shares, compared to its average volume of 1,384,871. The company has a 50-day simple moving average of $74.65 and a 200 day simple moving average of $67.93. Parsons Corporation has a 1 year low of $54.56 and a 1 year high of $114.68. The company has a market capitalization of $8.51 billion, a PE ratio of 35.59, a PEG ratio of 4.21 and a beta of 0.58. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.61 and a quick ratio of 1.61.

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

Analyst Ratings Changes

PSN has been the topic of a number of recent research reports. Jefferies Financial Group increased their price objective on Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a report on Wednesday, July 2nd. Zacks Research raised Parsons from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Truist Financial increased 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. Bank of America dropped their price objective on Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a report on Tuesday, June 3rd. Finally, Raymond James Financial raised Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price target on the stock in a report on Tuesday, July 8th. Two equities 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's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price 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.