Blackston Financial Advisory Group LLC Has $2.97 Million Stock Position in Parsons Corporation $PSN

Blackston Financial Advisory Group LLC lifted its position in Parsons Corporation (NYSE:PSN) by 728.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,810 shares of the company’s stock after acquiring an additional 31,488 shares during the period. Parsons comprises approximately 1.8% of Blackston Financial Advisory Group LLC’s holdings, making the stock its 11th largest position. Blackston Financial Advisory Group LLC’s holdings in Parsons were worth $2,969,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Gabelli Funds LLC acquired a new stake in Parsons during the 3rd quarter valued at $894,000. Aptus Capital Advisors LLC grew its holdings in shares of Parsons by 54.9% during the third quarter. Aptus Capital Advisors LLC now owns 9,944 shares of the company’s stock valued at $825,000 after buying an additional 3,524 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Parsons by 2.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,682,586 shares of the company’s stock valued at $139,511,000 after buying an additional 45,922 shares in the last quarter. Cresset Asset Management LLC acquired a new position in Parsons during the third quarter valued at $211,000. Finally, CI Investments Inc. raised its position in Parsons by 32.5% during the third quarter. CI Investments Inc. now owns 852 shares of the company’s stock valued at $71,000 after buying an additional 209 shares during the period. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Barclays raised their price objective on Parsons from $70.00 to $78.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. TD Cowen raised shares of Parsons from a “hold” rating to a “buy” rating and reduced their price target for the stock from $90.00 to $75.00 in a research report on Wednesday, December 10th. Weiss Ratings restated a “hold (c)” rating on shares of Parsons in a report on Monday, December 29th. Citigroup boosted their price objective on shares of Parsons from $86.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Finally, Bank of America dropped their price objective on shares of Parsons from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, December 30th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $83.42.

Parsons Stock Performance

Shares of PSN stock opened at $65.24 on Friday. Parsons Corporation has a fifty-two week low of $56.27 and a fifty-two week high of $89.50. The stock’s 50-day moving average is $67.24 and its two-hundred day moving average is $74.86. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.75 and a quick ratio of 1.75. The firm has a market cap of $6.90 billion, a P/E ratio of 29.65, a PEG ratio of 2.05 and a beta of 0.68.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.06). Parsons had a net margin of 3.79% and a return on equity of 11.81%. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the firm earned $0.78 earnings per share. The firm’s quarterly revenue was down 7.5% compared to the same quarter last year. Analysts predict that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

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.