Moore Capital Management LP Reduces Stock Holdings in Parsons Corporation $PSN

Moore Capital Management LP reduced its stake in shares of Parsons Corporation (NYSE:PSN) by 84.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,951 shares of the company’s stock after selling 133,636 shares during the quarter. Moore Capital Management LP’s holdings in Parsons were worth $1,307,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Artisan Partners Limited Partnership increased its position in shares of Parsons by 6.2% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,477,159 shares of the company’s stock valued at $153,088,000 after buying an additional 145,238 shares during the period. Swedbank AB lifted its holdings in Parsons by 126.8% in the first 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 during the period. Dimensional Fund Advisors LP lifted its holdings in Parsons by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company’s stock worth $102,494,000 after buying an additional 179,463 shares during the period. Primecap Management Co. CA bought a new stake in Parsons during the 2nd quarter valued at approximately $89,697,000. Finally, Channing Capital Management LLC grew its holdings in shares of Parsons by 16.8% during the 4th quarter. Channing Capital Management LLC now owns 1,484,039 shares of the company’s stock worth $91,714,000 after acquiring an additional 213,312 shares during the period. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Stock Performance

Shares of Parsons stock opened at $48.61 on Tuesday. Parsons Corporation has a 1 year low of $36.26 and a 1 year high of $89.50. The firm’s 50-day moving average is $51.33 and its 200 day moving average is $54.66. The stock has a market cap of $5.19 billion, a price-to-earnings ratio of 33.52, a PEG ratio of 3.71 and a beta of 0.68. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.66 and a quick ratio of 1.66.

Parsons (NYSE:PSN) last released its quarterly earnings data on Wednesday, July 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). The firm had revenue of $1.59 billion for 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 firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.78 earnings per share. Sell-side analysts anticipate that Parsons Corporation will post 2.29 EPS for the current fiscal year.

Insider Activity at Parsons

In other news, Director George L. Ball purchased 20,000 shares of Parsons stock in a transaction that occurred on Friday, August 7th. The stock was bought at an average price of $47.97 per share, with a total value of $959,400.00. Following the completion of the transaction, the director directly 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.31% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PSN has been the subject of several research reports. Jefferies Financial Group raised Parsons from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research report on Sunday, August 2nd. Stifel Nicolaus decreased their price objective on Parsons from $79.00 to $66.00 and set a “buy” rating for the company in a report on Thursday, July 30th. William Blair reissued an “outperform” rating on shares of Parsons in a research report on Wednesday, July 29th. Robert W. Baird upgraded shares of Parsons from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $48.00 to $57.00 in a report on Friday, August 21st. Finally, BNP Paribas Exane set a $65.00 target price on shares of Parsons and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Eleven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, 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.