Parsons Co. (NYSE:PSN) Shares Acquired by First Hawaiian Bank

Posted by on Mar 23rd, 2023

First Hawaiian Bank grew its position in shares of Parsons Co. (NYSE:PSN – Get Rating) by 41.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,105 shares of the company’s stock after purchasing an additional 7,356 shares during the period. First Hawaiian Bank’s holdings in Parsons were worth $1,161,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Raymond James & Associates raised its position in Parsons by 36.5% in the first quarter. Raymond James & Associates now owns 15,876 shares of the company’s stock worth $614,000 after acquiring an additional 4,243 shares in the last quarter. Group One Trading L.P. bought a new stake in shares of Parsons in the first quarter valued at approximately $27,000. HighTower Advisors LLC bought a new stake in shares of Parsons in the first quarter valued at approximately $242,000. MetLife Investment Management LLC raised its stake in shares of Parsons by 54.2% in the first quarter. MetLife Investment Management LLC now owns 15,664 shares of the company’s stock valued at $606,000 after purchasing an additional 5,504 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Parsons by 45.4% during the first quarter. Dimensional Fund Advisors LP now owns 693,177 shares of the company’s stock worth $26,827,000 after acquiring an additional 216,326 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PSN shares. Benchmark restated a “buy” rating and set a $51.00 target price on shares of Parsons in a report on Thursday, March 16th. Robert W. Baird began coverage on Parsons in a report on Wednesday, December 21st. They issued a “neutral” rating and a $50.00 price target on the stock. Bank of America cut Parsons from a “neutral” rating to an “underperform” rating and raised their target price for the stock from $43.00 to $49.00 in a report on Thursday, December 1st. Finally, Morgan Stanley reduced their target price on Parsons from $40.00 to $39.00 and set an “underweight” rating on the stock in a report on Thursday, February 16th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $49.13.

Parsons Trading Down 0.8 %

NYSE PSN opened at $41.42 on Thursday. The firm has a market cap of $4.34 billion, a P/E ratio of 47.07, a P/E/G ratio of 1.92 and a beta of 0.84. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.55 and a quick ratio of 1.55. The stock’s 50-day moving average is $43.95 and its 200-day moving average is $44.52. Parsons Co. has a one year low of $34.46 and a one year high of $50.15.

Parsons (NYSE:PSN – Get Rating) last released its quarterly earnings results on Wednesday, February 15th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.03). The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.05 billion. Parsons had a return on equity of 8.47% and a net margin of 2.30%. Sell-side analysts anticipate that Parsons Co. will post 1.98 earnings per share for the current fiscal year.

About Parsons

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Parsons Corp. engages in the provision of engineering, design, planning, and construction management services. It offers solutions for commercial, federal, transportation, and water resources. It delivers engineering, construction, systems and resource integration, project and program management, and environmental services to customers.

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Institutional Ownership by Quarter for Parsons (NYSE:PSN)

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