TimesSquare Capital Management LLC purchased a new position in Parsons Corp (NYSE:PSN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 800,000 shares of the company’s stock, valued at approximately $29,488,000.
Several other large investors also recently modified their holdings of PSN. Roubaix Capital LLC bought a new position in shares of Parsons in the 2nd quarter worth $6,805,000. Cambiar Investors LLC bought a new position in shares of Parsons in the 2nd quarter worth $2,757,000. Moody Aldrich Partners LLC bought a new position in shares of Parsons in the 2nd quarter worth $2,756,000. Creative Planning purchased a new stake in shares of Parsons in the 2nd quarter valued at $756,000. Finally, Stephens Inc. AR purchased a new stake in shares of Parsons in the 2nd quarter valued at $719,000. 2.22% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have recently issued reports on PSN shares. Wells Fargo & Co cut shares of Parsons from an “outperform” rating to a “market perform” rating and set a $36.00 price objective for the company. in a research note on Wednesday, June 26th. They noted that the move was a valuation call. Cowen reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Parsons in a research note on Tuesday, June 18th. Jefferies Financial Group started coverage on shares of Parsons in a research note on Monday, June 3rd. They issued a “buy” rating and a $38.00 price objective for the company. Bank of America started coverage on shares of Parsons in a research note on Monday, June 3rd. They issued a “neutral” rating for the company. Finally, Goldman Sachs Group started coverage on shares of Parsons in a research note on Monday, June 3rd. They issued a “buy” rating and a $43.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Parsons has an average rating of “Buy” and an average price target of $37.86.
Shares of Parsons stock traded down $0.24 during trading on Friday, reaching $34.16. The company’s stock had a trading volume of 192,900 shares, compared to its average volume of 275,249. Parsons Corp has a 52-week low of $29.03 and a 52-week high of $38.82. The firm has a 50-day simple moving average of $36.74.
Parsons (NYSE:PSN) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.21). The firm had revenue of $989.74 million for the quarter, compared to the consensus estimate of $953.83 million. During the same period last year, the business earned $0.40 earnings per share. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, analysts predict that Parsons Corp will post 2.03 earnings per share for the current year.
Parsons Corporation provides technology based solutions in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. It operates in two segments, Federal Solutions and Critical Infrastructure. The company offers cybersecurity software and engineering services, hardware prototyping, and other technical services to the U.S.
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