Bank of New York Mellon Corp bought a new stake in Parsons Corp (NYSE:PSN) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 74,039 shares of the company’s stock, valued at approximately $2,729,000. Bank of New York Mellon Corp owned about 0.07% of Parsons at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Clarus Wealth Advisors purchased a new position in Parsons during the 2nd quarter valued at about $56,000. Strs Ohio purchased a new stake in shares of Parsons during the second quarter worth about $184,000. Cambiar Investors LLC purchased a new stake in shares of Parsons during the second quarter worth about $2,757,000. Creative Planning purchased a new stake in shares of Parsons during the second quarter worth about $756,000. Finally, Moody Aldrich Partners LLC purchased a new stake in shares of Parsons during the second quarter worth about $2,756,000. 99.43% of the stock is currently owned by hedge funds and other institutional investors.
PSN stock traded down $0.14 during midday trading on Friday, reaching $32.81. 236,024 shares of the company’s stock traded hands, compared to its average volume of 462,000. Parsons Corp has a fifty-two week low of $29.03 and a fifty-two week high of $38.82. The stock’s 50-day simple moving average is $34.24.
Parsons (NYSE:PSN) last announced its quarterly 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 business had revenue of $989.74 million for the quarter, compared to analysts’ expectations of $953.83 million. During the same quarter last year, the business posted $0.40 earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, research analysts anticipate that Parsons Corp will post 1.46 earnings per share for the current fiscal year.
PSN has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Parsons from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a report on Wednesday, September 11th. Wells Fargo & Co downgraded shares of Parsons from an “outperform” rating to a “market perform” rating and set a $36.00 price target for the company. in a report on Wednesday, June 26th. They noted that the move was a valuation call. SunTrust Banks lifted their price target on shares of Parsons from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Cowen restated a “buy” rating and issued a $40.00 target price on shares of Parsons in a report on Monday, August 26th. Finally, Morgan Stanley set a $36.00 target price on shares of Parsons and gave the company a “hold” rating in a report on Monday, September 9th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $38.71.
Parsons Company 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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