Vident Advisory LLC Acquires 115,640 Shares of Parsons Corporation $PSN

Key Points

• Vident Advisory LLC significantly increased its stake in Parsons Corporation by purchasing 115,640 shares, bringing its total to 183,563 shares, valued at approximately $10.87 million.
• A variety of analysts have issued positive ratings for Parsons, with the stock receiving multiple "buy" upgrades and an average target price of $88.70.
• In its latest earnings report, Parsons reported an EPS of $0.78, exceeding estimates, although their revenue decreased by 5.1% compared to the previous year.

Vident Advisory LLC grew its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 170.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,563 shares of the company's stock after acquiring an additional 115,640 shares during the period. Vident Advisory LLC owned about 0.17% of Parsons worth $10,869,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PSN. Versant Capital Management Inc acquired a new position in Parsons during the 1st quarter worth $27,000. Quarry LP acquired a new position in shares of Parsons in the 4th quarter valued at about $30,000. UMB Bank n.a. boosted its holdings in shares of Parsons by 238.7% in 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 period. Fifth Third Bancorp boosted its holdings in shares of Parsons by 1,803.4% in the 1st quarter. Fifth Third Bancorp now owns 552 shares of the company's stock valued at $33,000 after buying an additional 523 shares during the period. Finally, Signaturefd LLC boosted its holdings in shares of Parsons by 63.1% in the 1st quarter. Signaturefd LLC now owns 610 shares of the company's stock valued at $36,000 after buying an additional 236 shares during the period. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Trading Down 2.3%

Shares of Parsons stock traded down $1.87 during trading on Wednesday, hitting $78.79. The stock had a trading volume of 1,120,194 shares, compared to its average volume of 1,365,553. 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 company has a market capitalization of $8.41 billion, a PE ratio of 35.17, a P/E/G ratio of 4.22 and a beta of 0.63. The stock has a 50 day simple moving average of $76.38 and a 200 day simple moving average of $68.20. Parsons Corporation has a 1 year low of $54.56 and a 1 year high of $114.68.

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

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Zacks Research raised shares of Parsons from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. KeyCorp reaffirmed an "overweight" rating and issued a $84.00 price target (up from $82.00) on shares of Parsons in a report on Thursday, August 7th. Stifel Nicolaus assumed coverage on shares of Parsons in a report on Tuesday, June 24th. They issued a "buy" rating and a $81.00 price target for the company. The Goldman Sachs Group decreased their price target on shares of Parsons from $90.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, June 4th. Finally, Baird R W raised shares of Parsons from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.