ValueAct Holdings L.P. Takes Position in Parsons Corp (NYSE:PSN)

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ValueAct Holdings L.P. purchased a new stake in Parsons Corp (NYSE:PSN) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,805,000 shares of the company’s stock, valued at approximately $66,532,000. Parsons makes up 0.7% of ValueAct Holdings L.P.’s investment portfolio, making the stock its 13th biggest holding. ValueAct Holdings L.P. owned about 1.82% of Parsons at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Clarus Wealth Advisors bought a new stake in Parsons during the second quarter valued at $56,000. Strs Ohio bought a new stake in Parsons during the second quarter worth about $184,000. Cambiar Investors LLC bought a new stake in Parsons during the second quarter worth about $2,757,000. Creative Planning bought a new stake in Parsons during the second quarter worth about $756,000. Finally, Moody Aldrich Partners LLC bought a new stake in Parsons during the second quarter worth about $2,756,000. Institutional investors own 99.43% of the company’s stock.

PSN stock traded down $0.18 during mid-day trading on Thursday, hitting $37.38. 37,182 shares of the stock were exchanged, compared to its average volume of 251,015. The firm’s fifty day simple moving average is $35.31. Parsons Corp has a 12 month low of $29.03 and a 12 month high of $38.82.

Parsons (NYSE:PSN) last released its earnings results on Tuesday, August 13th. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.21). The firm had revenue of $989.74 million during the quarter, compared to the consensus estimate of $953.83 million. During the same period in the previous year, the business posted $0.40 earnings per share. The company’s revenue was up 9.9% compared to the same quarter last year. On average, equities analysts expect that Parsons Corp will post 1.46 earnings per share for the current fiscal year.

PSN has been the subject of several research analyst reports. Jefferies Financial Group initiated coverage on Parsons in a research note on Monday, June 3rd. They set a “buy” rating and a $38.00 price target for the company. SunTrust Banks lifted their price target on Parsons from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Bank of America initiated coverage on Parsons in a research note on Monday, June 3rd. They set a “neutral” rating for the company. Goldman Sachs Group initiated coverage on Parsons in a research note on Monday, June 3rd. They set a “buy” rating and a $43.00 price target for the company. Finally, Morgan Stanley set a $36.00 price target on Parsons and gave the stock a “hold” rating in a research note on Monday, September 9th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $38.71.

Parsons Profile

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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Institutional Ownership by Quarter for Parsons (NYSE:PSN)

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