Citigroup Inc. Decreases Stake in Parsons Corporation $PSN

Citigroup Inc. reduced its holdings in shares of Parsons Corporation (NYSE:PSN) by 94.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,225 shares of the company’s stock after selling 419,340 shares during the quarter. Citigroup Inc.’s holdings in Parsons were worth $2,092,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of PSN. Mather Group LLC. purchased a new position in Parsons in the 3rd quarter worth about $25,000. True Wealth Design LLC boosted its holdings in shares of Parsons by 63.9% during the 2nd quarter. True Wealth Design LLC now owns 485 shares of the company’s stock valued at $35,000 after acquiring an additional 189 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Parsons during the 3rd quarter valued at about $40,000. NewEdge Advisors LLC grew its stake in shares of Parsons by 38.0% in the first quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock worth $57,000 after acquiring an additional 264 shares during the period. Finally, Penserra Capital Management LLC purchased a new position in shares of Parsons during the third quarter valued at approximately $59,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Stock Down 0.3%

PSN opened at $65.24 on Monday. The firm’s 50 day simple moving average is $67.24 and its two-hundred day simple moving average is $74.81. The company has a market capitalization of $6.90 billion, a PE ratio of 29.65, a PEG ratio of 2.04 and a beta of 0.68. Parsons Corporation has a 1-year low of $56.27 and a 1-year high of $89.50. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.45.

Parsons (NYSE:PSN) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.06). The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.68 billion. Parsons had a net margin of 3.79% and a return on equity of 11.81%. The company’s revenue was down 7.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.78 EPS. As a group, equities analysts forecast that Parsons Corporation will post 3.58 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PSN shares. Citigroup increased 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. Robert W. Baird decreased their target price on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating for the company in a research note on Monday, December 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Parsons in a report on Monday, December 29th. Truist Financial restated a “buy” rating and issued a $85.00 price target (down from $90.00) on shares of Parsons in a research note on Thursday, February 12th. Finally, TD Cowen raised Parsons from a “hold” rating to a “buy” rating and cut their price objective for the stock from $90.00 to $75.00 in a report on Wednesday, December 10th. Eleven equities research 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’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $83.42.

Parsons Company 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.