Bank of Nova Scotia Invests $258,000 in Parsons Co. (NYSE:PSN)

Posted by on May 26th, 2023

Bank of Nova Scotia acquired a new stake in Parsons Co. (NYSE:PSN – Get Rating) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,573 shares of the company’s stock, valued at approximately $258,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in PSN. Price T Rowe Associates Inc. MD raised its holdings in shares of Parsons by 56.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 3,931,806 shares of the company’s stock valued at $158,924,000 after acquiring an additional 1,420,028 shares in the last quarter. Lord Abbett & CO. LLC bought a new stake in shares of Parsons in the first quarter valued at about $20,520,000. Vanguard Group Inc. raised its holdings in shares of Parsons by 15.2% in the first quarter. Vanguard Group Inc. now owns 3,128,822 shares of the company’s stock valued at $121,084,000 after acquiring an additional 412,992 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Parsons by 45.4% in the first quarter. Dimensional Fund Advisors LP now owns 693,177 shares of the company’s stock valued at $26,827,000 after acquiring an additional 216,326 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Parsons by 105.4% in the third quarter. First Trust Advisors LP now owns 325,703 shares of the company’s stock valued at $12,768,000 after acquiring an additional 167,147 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Parsons Trading Down 0.3 %

Shares of NYSE:PSN opened at $43.23 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $4.53 billion, a PE ratio of 46.99, a PEG ratio of 2.02 and a beta of 0.83. The business has a 50 day moving average of $44.41 and a two-hundred day moving average of $45.27. Parsons Co. has a 12-month low of $36.10 and a 12-month high of $50.15.

Parsons (NYSE:PSN – Get Rating) last announced its earnings results on Wednesday, May 3rd. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.05 billion. Parsons had a return on equity of 8.38% and a net margin of 2.30%. As a group, analysts forecast that Parsons Co. will post 1.89 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on PSN shares. Morgan Stanley cut their target price on Parsons from $40.00 to $39.00 and set an “underweight” rating on the stock in a research note on Thursday, February 16th. Benchmark reiterated a “buy” rating and issued a $51.00 target price on shares of Parsons in a research note on Monday, April 10th. Robert W. Baird lifted their target price on Parsons from $50.00 to $53.00 in a research note on Thursday, May 4th. Finally, William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a research note on Monday, March 27th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $49.50.

Parsons Company Profile

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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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