11,324 Shares in Parsons Corporation $PSN Bought by Formula Growth Ltd.

Formula Growth Ltd. acquired a new stake in Parsons Corporation (NYSE:PSN) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,324 shares of the company’s stock, valued at approximately $593,000.

Other large investors have also bought and sold shares of the company. Public Employees Retirement System of Ohio grew its position in shares of Parsons by 0.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 17,029 shares of the company’s stock valued at $1,412,000 after buying an additional 144 shares during the last quarter. Kennedy Capital Management LLC lifted its stake in shares of Parsons by 0.4% in the fourth quarter. Kennedy Capital Management LLC now owns 47,680 shares of the company’s stock worth $2,947,000 after acquiring an additional 194 shares during the period. NewEdge Advisors LLC boosted its holdings in Parsons by 38.0% in the first quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after acquiring an additional 264 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Parsons by 2.8% in the first quarter. Oregon Public Employees Retirement Fund now owns 10,900 shares of the company’s stock valued at $590,000 after acquiring an additional 300 shares during the last quarter. Finally, Versant Capital Management Inc increased its position 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 purchasing an additional 358 shares during the period. 98.02% of the stock is owned by institutional investors.

Parsons Stock Up 1.5%

Shares of NYSE PSN opened at $49.35 on Friday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.54. The firm has a market cap of $5.27 billion, a PE ratio of 34.03, a P/E/G ratio of 3.68 and a beta of 0.68. The company’s fifty day simple moving average is $51.40 and its 200 day simple moving average is $54.95. Parsons Corporation has a 12-month low of $36.26 and a 12-month high of $89.50.

Parsons (NYSE:PSN) 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 company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.61 billion. Parsons had a net margin of 2.50% and a return on equity of 8.10%. The company’s revenue for the quarter was down .5% on a year-over-year basis. During the same period last year, the firm posted $0.78 earnings per share. As a group, sell-side analysts forecast that Parsons Corporation will post 2.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director George L. Ball purchased 20,000 shares of the business’s stock in a transaction on Friday, August 7th. The shares were acquired at an average price 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 in the company, valued at approximately $8,173,272.51. The trade was a 13.30% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PSN. Weiss Ratings lowered shares of Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. UBS Group dropped their target price on shares of Parsons from $67.00 to $58.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Zacks Research cut shares of Parsons from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 5th. Robert W. Baird upgraded Parsons from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $48.00 to $57.00 in a report on Friday, August 21st. Finally, BNP Paribas Exane set a $65.00 price objective on Parsons and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Parsons Company 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.