Van ECK Associates Corp Increases Stake in Parsons Corporation $PSN

Key Points

• Van ECK Associates increased its Parsons stake by 389.3% in the second quarter, acquiring 895,690 additional shares and bringing its holdings to 1.13 million shares worth approximately $59 million.
• 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.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $64.08 price target, despite several recent target-price reductions. A Parsons director also purchased 20,000 shares.

Van ECK Associates Corp grew its holdings in shares of Parsons Corporation (NYSE:PSN - Free Report) by 389.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,125,767 shares of the company's stock after purchasing an additional 895,690 shares during the quarter. Van ECK Associates Corp owned approximately 1.05% of Parsons worth $58,979,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new position in shares of Parsons in the fourth quarter worth about $25,000. Versant Capital Management Inc grew its stake in Parsons by 183.6% during the 2nd quarter. Versant Capital Management Inc now owns 553 shares of the company's stock valued at $29,000 after acquiring an additional 358 shares in the last quarter. Danske Bank A S purchased a new stake in Parsons during the 4th quarter valued at about $31,000. Los Angeles Capital Management LLC acquired a new stake in Parsons in the 4th quarter valued at about $32,000. Finally, Farther Finance Advisors LLC raised its holdings in Parsons by 613.2% in the 4th quarter. Farther Finance Advisors LLC now owns 756 shares of the company's stock valued at $47,000 after acquiring an additional 650 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company's stock.

Insider Buying and Selling

In other Parsons news, Director George L. Ball acquired 20,000 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were purchased at an average cost of $47.97 per share, for a total transaction of $959,400.00. Following the completion of the acquisition, the director owned 170,383 shares of the company's stock, valued at approximately $8,173,272.51. The trade was a 13.30% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.31% of the company's stock.

Parsons Price Performance

Shares of PSN stock opened at $49.01 on Friday. 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 firm's 50-day moving average is $51.33 and its two-hundred day moving average is $54.91. Parsons Corporation has a 12 month low of $36.26 and a 12 month high of $89.50. The company has a market capitalization of $5.23 billion, a PE ratio of 33.80, a price-to-earnings-growth ratio of 3.71 and a beta of 0.68.

Parsons (NYSE:PSN - Get Free Report) last posted 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). The firm had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.61 billion. Parsons had a net margin of 2.50% and a return on equity of 8.10%. The business's quarterly revenue was down .5% on a year-over-year basis. During the same period last year, the company earned $0.78 EPS. Analysts predict that Parsons Corporation will post 2.29 earnings per share for the current year.

Analysts Set New Price Targets

PSN has been the topic of several recent research reports. UBS Group lowered their target price on Parsons from $67.00 to $58.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. TD Cowen reaffirmed a "buy" rating on shares of Parsons in a report on Wednesday, July 29th. Jefferies Financial Group upgraded Parsons from a "hold" rating to a "buy" rating and set a $52.00 price objective on the stock in a research report on Sunday, August 2nd. BNP Paribas Exane set a $65.00 price objective on Parsons and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Finally, Citigroup dropped their target price on Parsons from $66.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Parsons has an average 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.

Want to see what other hedge funds are holding PSN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Parsons Corporation (NYSE:PSN - Free Report).

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