Primecap Management Co. CA Acquires Shares of 1,712,100 Parsons Corporation $PSN

Key Points

• Primecap Management acquired 1.71 million Parsons shares worth approximately $89.7 million, taking a 1.6% stake. Institutional investors collectively own 98.02% of the company.
• Parsons reported a quarterly loss of $0.06 per share, missing the $0.76 analyst estimate, while revenue declined 0.5% year over year to $1.59 billion.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $64.08 versus the stock’s reported price of $48.64.

Primecap Management Co. CA purchased a new position in Parsons Corporation (NYSE:PSN - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 1,712,100 shares of the company's stock, valued at approximately $89,697,000. Primecap Management Co. CA owned approximately 1.60% of Parsons at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Artisan Partners Limited Partnership raised its position in Parsons by 6.2% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,477,159 shares of the company's stock worth $153,088,000 after purchasing an additional 145,238 shares during the period. Swedbank AB grew its position in shares of Parsons by 126.8% during the 1st quarter. Swedbank AB now owns 2,387,643 shares of the company's stock worth $129,339,000 after buying an additional 1,335,102 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Parsons by 10.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company's stock valued at $102,494,000 after purchasing an additional 179,463 shares during the period. Channing Capital Management LLC raised its holdings in shares of Parsons by 16.8% in the 4th quarter. Channing Capital Management LLC now owns 1,484,039 shares of the company's stock valued at $91,714,000 after purchasing an additional 213,312 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Parsons by 151.5% in the 2nd quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company's stock worth $75,173,000 after purchasing an additional 639,481 shares during the period. Institutional investors own 98.02% of the company's stock.

Insider Buying and Selling

In related news, Director George L. Ball bought 20,000 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was bought at an average cost of $47.97 per share, for a total transaction of $959,400.00. Following the purchase, the director directly owned 170,383 shares of the company's stock, valued at approximately $8,173,272.51. This trade represents a 13.30% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.31% of the stock is owned by company insiders.

Parsons Trading Up 1.2%

Parsons stock opened at $48.64 on Thursday. The stock has a 50-day moving average of $51.45 and a two-hundred day moving average of $55.09. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.66 and a current ratio of 1.66. Parsons Corporation has a one year low of $36.26 and a one year high of $89.50. The stock has a market cap of $5.19 billion, a PE ratio of 33.54, a price-to-earnings-growth ratio of 3.64 and a beta of 0.68.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly 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 business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period in the prior year, the business posted $0.78 EPS. Parsons's revenue was down .5% compared to the same quarter last year. On average, research analysts anticipate that Parsons Corporation will post 2.29 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on PSN. Stifel Nicolaus cut their price objective on shares of Parsons from $79.00 to $66.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. William Blair restated an "outperform" rating on shares of Parsons in a report on Wednesday, July 29th. Jefferies Financial Group raised Parsons from a "hold" rating to a "buy" rating and set a $52.00 target price on the stock in a research report on Sunday, August 2nd. BNP Paribas Exane set a $65.00 price target on Parsons and gave the company an "outperform" rating in a report on Wednesday, May 27th. Finally, The Goldman Sachs Group reduced their price target on Parsons from $69.00 to $60.00 and set a "neutral" rating for the company in a research report on Monday, August 3rd. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Parsons has an average rating of "Moderate Buy" and a consensus target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source