As of the end of the fourth quarter in 2023, Dimensional Fund Advisors LP has increased its stake in Parsons Co. (NYSE:PSN) by 9.8%, according to the most recent Form 13F filing with the Securities and Exchange Commission. As a result, this institutional investor now owns 1,198,878 shares of the company’s stock after acquiring an additional 106,630 shares during that time period. Dimension Fund Advisors LP had owned 1.16% of Parsons worth roughly $55,447,000 at the end of that quarter.
Although this may not seem like much in terms of percentages or numbers alone, it may come as a surprise to some investors and industry insiders alike that Dimensional Fund Advisors LP is continuing to pour resources into Parsons Co., particularly given the unpredictable financial climate amidst COVID-19. Perhaps there are factors at play behind the scenes that justify this decision beyond what we can see on paper.
One major reason for investing in Parsons Co. could be attributed to their reported earnings results from May 3rd, which showed a promising $0.02 earnings per share (EPS) increase over consensus estimates. This is no small feat considering their margin of net profit came in at only 2.30%, making every penny really count towards their overall performance and success. However, even with those impressive numbers revealed through revenue data ($1.17 billion yielded compared to analysts’ anticipated rate of $1.05 billion), it should be noted that on average, equities analysts still expect Parsons Co. will only post an EPS of 1.89 for the current fiscal year.
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Institutional Investors Show Interest in Parsons Co (NYSE:PSN) Stock
Parsons Co. (NYSE:PSN) has been making waves in the investment community, as institutional investors continue to show interest in the company’s stock. Several hedge funds have either increased or decreased their stakes in PSN, with some buying new positions worth thousands of dollars during different quarters. For instance, during the first quarter of this year, Group One Trading L.P. bought a new stake that cost $27,000 while Sargent Bickham Lagudis LLC also purchased a new position worth $32,000 during the fourth quarter.
Another significant mention goes to Rockefeller Capital Management L.P., which lifted its holdings by 64.7% during the third quarter to now own 1,265 shares of the company’s stock worth $49,000 after acquiring an additional 497 shares during that period. It is noteworthy to state that a staggering 99.59% of PSN stock is currently owned by hedge funds and other institutional investors.
As at May 29, 2023, PSN opened with a starting price of $43.33 on Monday as experts estimate that it may swing higher later on due to market volatility and investor interests. The company has experienced both highs and lows over the past twelve months with a twelve month low of $36.10 and a twelve month high of $50.15 respectively; indicating optimistic but cautious growth.
From financial statistics obtained from Bloomberg.com, Parsons’ firm currently boasts of a market capitalization of about $4.54 billion with a price-to-earnings ratio (PE Ratio) standing at 47.10 calculated from its latest earnings report released in March 2023.
In terms of ratings and recommendations from financial experts and industry analysts alike, Parsons Co basks in an average rating of “Hold” with two sell ratings and three buy ratings alongside two hold ratings gleaned from data gathered by Bloomberg.com based on reports released so far this year.
To corroborate these reports and make informed investment decisions, prospective or current investors can visit HoldingsChannel.com to get the latest 13F filings and insider trades for Parsons Co. The company specializes in engineering, design, planning, and construction management services, providing solutions across the commercial, federal, transportation, and water resources sectors. PSN delivers engineering, construction, systems and resource integration, project and program management, as well as environmental services to its customers; a service offering that has yielded impressive financial returns for both institutional investors and the company itself over time.
