Y Intercept Hong Kong Ltd Invests $4.63 Million in Parsons Corporation $PSN

Key Points

• Y Intercept Hong Kong Ltd disclosed a new position in Parsons Corporation, buying 85,554 shares worth about $4.63 million in the first quarter.
• Parsons reported Q1 earnings of $0.79 per share, beating analyst expectations of $0.70, while revenue came in at $1.49 billion, slightly below estimates and down 4.1% from a year earlier.
• Analyst sentiment remains broadly positive, with nine Buy ratings and six Hold ratings, and an average Moderate Buy rating with a $77 average price target.

Y Intercept Hong Kong Ltd bought a new stake in Parsons Corporation (NYSE:PSN - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 85,554 shares of the company's stock, valued at approximately $4,634,000. Y Intercept Hong Kong Ltd owned 0.08% of Parsons as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of PSN. Swedbank AB increased its position in Parsons by 654.7% during the fourth quarter. Swedbank AB now owns 1,052,541 shares of the company's stock worth $65,047,000 after buying an additional 913,079 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Parsons by 151.5% in the second quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company's stock valued at $75,173,000 after buying an additional 639,481 shares during the last quarter. Brown Advisory Inc. lifted its position in shares of Parsons by 142.1% in the fourth quarter. Brown Advisory Inc. now owns 833,322 shares of the company's stock valued at $51,499,000 after buying an additional 489,187 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Parsons during the 3rd quarter worth approximately $38,880,000. Finally, Millennium Management LLC boosted its stake in shares of Parsons by 973.5% during the 4th quarter. Millennium Management LLC now owns 513,630 shares of the company's stock worth $31,742,000 after acquiring an additional 465,785 shares during the period. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Price Performance

Parsons stock opened at $56.20 on Monday. The company has a market capitalization of $6.01 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 1.77 and a beta of 0.66. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.55. Parsons Corporation has a 12 month low of $46.88 and a 12 month high of $89.50. The stock's 50 day moving average is $53.65 and its 200-day moving average is $59.26.

Parsons (NYSE:PSN - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.09. The business had revenue of $1.49 billion during the quarter, compared to analysts' expectations of $1.50 billion. Parsons had a return on equity of 11.52% and a net margin of 3.62%.The firm's revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period last year, the firm posted $0.60 EPS. Equities research analysts expect that Parsons Corporation will post 2.97 EPS for the current year.

Wall Street Analyst Weigh In

PSN has been the topic of a number of recent analyst reports. BNP Paribas Exane set a $65.00 target price on Parsons and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Weiss Ratings cut shares of Parsons from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 15th. Zacks Research raised shares of Parsons from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. Barclays decreased their price objective on shares of Parsons from $78.00 to $70.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Finally, Jefferies Financial Group restated a "hold" rating on shares of Parsons in a research note on Sunday, May 3rd. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $77.00.

Insiders Place Their Bets

In other news, Director George L. Ball bought 10,000 shares of the company's stock in a transaction dated Wednesday, May 13th. The stock was bought at an average price of $50.00 per share, with a total value of $500,000.00. Following the completion of the acquisition, the director owned 150,383 shares of the company's stock, valued at $7,519,150. This represents a 7.12% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark Keith Holdsworth bought 10,000 shares of the company's stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average cost of $51.27 per share, with a total value of $512,700.00. Following the acquisition, the director directly owned 39,918 shares of the company's stock, valued at approximately $2,046,595.86. This represents a 33.42% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought 32,500 shares of company stock worth $1,637,325 in the last 90 days. Company insiders own 1.31% of the company's stock.

Parsons Profile

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.