Mitsubishi UFJ Asset Management Co. Ltd. Buys Shares of 172,804 Parsons Corporation $PSN

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Parsons Corporation (NYSE:PSN) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 172,804 shares of the company’s stock, valued at approximately $9,053,000.

A number of other hedge funds have also modified their holdings of PSN. NewEdge Advisors LLC increased its stake in Parsons by 38.0% in the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after buying an additional 264 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Parsons by 433.9% during the 1st quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company’s stock worth $75,000 after buying an additional 1,024 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Parsons during the 2nd quarter worth about $228,000. Prudential Financial Inc. grew its holdings in shares of Parsons by 40.9% in the 2nd quarter. Prudential Financial Inc. now owns 5,945 shares of the company’s stock valued at $427,000 after acquiring an additional 1,725 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Parsons by 176.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company’s stock valued at $59,000 after acquiring an additional 528 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Parsons news, Director George L. Ball acquired 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was acquired at an average cost of $47.97 per share, for a total transaction of $959,400.00. Following the transaction, the director directly owned 170,383 shares in the company, valued at $8,173,272.51. This represents a 13.30% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 1.31% of the stock is owned by insiders.

Parsons Stock Down 2.2%

PSN stock opened at $46.06 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 stock has a market capitalization of $4.92 billion, a price-to-earnings ratio of 31.77, a PEG ratio of 3.57 and a beta of 0.68. The business’s fifty day moving average price is $52.02 and its two-hundred day moving average price is $55.64. Parsons Corporation has a fifty-two week low of $36.26 and a fifty-two week high of $89.50.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.61 billion. Parsons had a return on equity of 8.10% and a net margin of 2.50%.The business’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.78 EPS. On average, equities analysts anticipate that Parsons Corporation will post 2.29 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. UBS Group decreased their target price on shares of Parsons from $67.00 to $58.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Citigroup dropped their price target on shares of Parsons from $66.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Robert W. Baird set a $57.00 price target on shares of Parsons in a research note on Friday. TD Cowen reissued a “buy” rating on shares of Parsons in a research report on Wednesday, July 29th. Finally, Zacks Research lowered shares of Parsons from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 5th. Ten investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus 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.