Federated Hermes Inc. Decreases Stake in Parsons Corporation $PSN

Federated Hermes Inc. decreased its holdings in Parsons Corporation (NYSE:PSN) by 81.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 5,916 shares of the company’s stock after selling 26,676 shares during the period. Federated Hermes Inc.’s holdings in Parsons were worth $491,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PSN. Channing Capital Management LLC lifted its holdings in Parsons by 20.3% in the 2nd quarter. Channing Capital Management LLC now owns 1,277,286 shares of the company’s stock worth $91,671,000 after buying an additional 215,106 shares in the last quarter. Hood River Capital Management LLC purchased a new stake in shares of Parsons during the second quarter worth about $11,153,000. Retirement Systems of Alabama lifted its stake in shares of Parsons by 63.3% in the third quarter. Retirement Systems of Alabama now owns 93,860 shares of the company’s stock worth $7,783,000 after acquiring an additional 36,384 shares in the last quarter. Wolverine Asset Management LLC purchased a new position in Parsons in the third quarter valued at about $1,369,000. Finally, Blackston Financial Advisory Group LLC acquired a new stake in Parsons during the 2nd quarter valued at approximately $310,000. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Price Performance

Shares of NYSE:PSN opened at $69.45 on Friday. The company has a market cap of $7.40 billion, a PE ratio of 31.86, a P/E/G ratio of 3.89 and a beta of 0.66. Parsons Corporation has a fifty-two week low of $54.56 and a fifty-two week high of $89.50. The firm has a 50-day simple moving average of $68.03 and a 200 day simple moving average of $76.50. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.46.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, November 5th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.12. The firm had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Parsons had a net margin of 3.69% and a return on equity of 11.98%. Parsons’s revenue was down 10.4% on a year-over-year basis. During the same quarter last year, the company posted $0.95 earnings per share. On average, sell-side analysts anticipate that Parsons Corporation will post 3.58 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PSN shares. Weiss Ratings reissued a “hold (c)” rating on shares of Parsons in a research report on Monday, December 29th. UBS Group reduced their price objective on shares of Parsons from $107.00 to $104.00 and set a “buy” rating on the stock in a research note on Thursday, January 15th. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Thursday, November 20th. Robert W. Baird cut their target price on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating on the stock in a research note on Monday, December 8th. Finally, Truist Financial reduced their price target on shares of Parsons from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, December 5th. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $85.54.

Parsons 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.