Parsons Corporation was selected as a lead consultant for Austin's airport expansion project, offering program management services.
Quiver AI Summary
Parsons Corporation has been selected as one of seven lead consultants by the City of Austin to provide program management services for the Rolling Capital Improvement Program and the Journey With AUS initiative, aimed at expanding and modernizing the Austin-Bergstrom International Airport over the next five to seven years. Parsons will support the City’s aviation department with expertise in program, project, and construction management to ensure project efficiency and timely delivery. The Journey With AUS program focuses on enhancing passenger experiences and operational efficiency through terminal expansions, infrastructure improvements, and sustainability initiatives. Parsons, with over 60 years of experience in Texas and extensive global infrastructure expertise, looks forward to collaborating with the City and stakeholders for the project's success.
Potential Positives
- Parsons Corporation has been selected as one of seven lead consultants for a major city initiative, the Rolling Capital Improvement Program, enhancing its reputation and visibility in the infrastructure sector.
- The contract involves providing program management services for the significant Journey With AUS expansion project at Austin-Bergstrom International Airport, which aims to modernize and improve operational efficiency, potentially leading to new business opportunities.
- The partnership reflects Parsons' long-standing presence and commitment to supporting Austin's growth, indicating strong community relationships and trust in their capabilities.
- Parsons brings extensive experience from managing over 450 airports globally, which positions them as a credible and qualified partner for this large-scale project.
Potential Negatives
- The press release emphasizes the company's dependency on long-term government contracts, highlighting a potential vulnerability if those contracts are terminated or not renewed.
- The mention of numerous factors that could adversely affect business and financial performance, such as compliance failures and the need for security clearances, suggests substantial risks that could impact operations.
- There is a broad acknowledgment of uncertainties and potential adverse developments, including the risk of legal proceedings that could lead to materially adverse judgments or outcomes.
FAQ
What is the Journey With AUS program?
The Journey With AUS program is a five to seven-year initiative aimed at modernizing and expanding the Austin-Bergstrom International Airport.
Who is supporting the Rolling Capital Improvement Program?
Parsons Corporation is one of seven lead consultants selected by the City of Austin for program management services.
What type of services will Parsons provide?
Parsons will offer comprehensive program management support to enhance project delivery for the airport's expansion efforts.
How long has Parsons been active in Texas?
Parsons has served as a trusted partner in Texas for over 60 years, contributing to regional growth and development.
Where can I find more information about Parsons' aviation expertise?
More information about Parsons’ aviation expertise can be found on their website at parsons.com/aviation/.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PSN Hedge Fund Activity
We have seen 189 institutional investors add shares of $PSN stock to their portfolio, and 285 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CITADEL ADVISORS LLC added 1,647,373 shares (+1941.9%) to their portfolio in Q1 2025, for an estimated $97,540,955
- INVESCO LTD. removed 1,450,953 shares (-70.6%) from their portfolio in Q1 2025, for an estimated $85,910,927
- MILLENNIUM MANAGEMENT LLC added 1,109,689 shares (+332.9%) to their portfolio in Q1 2025, for an estimated $65,704,685
- JPMORGAN CHASE & CO added 863,622 shares (+56.4%) to their portfolio in Q1 2025, for an estimated $51,135,058
- WEDGE CAPITAL MANAGEMENT L L P/NC removed 680,311 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $40,281,214
- HENNESSY ADVISORS INC removed 590,600 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $54,482,850
- VAN ECK ASSOCIATES CORP added 570,446 shares (+113.6%) to their portfolio in Q1 2025, for an estimated $33,776,107
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$PSN Analyst Ratings
Wall Street analysts have issued reports on $PSN in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- William Blair issued a "Outperform" rating on 02/18/2025
- KeyBanc issued a "Overweight" rating on 01/08/2025
To track analyst ratings and price targets for $PSN, check out Quiver Quantitative's $PSN forecast page.
Full Release
CHANTILLY, Va., June 03, 2025 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was one of seven lead consultants selected by the City of Austin to provide program management services in support of the Rolling Capital Improvement Program and the once-in-a-generation Journey With AUS, the expansion and development program for the Austin-Bergstrom International Airport (AUS).
Under the contract, consultants will provide comprehensive program management support services to supplement the City's Department of Aviation staff with qualified professionals in program, project, and construction management to ensure the timely and efficient delivery of projects.
"We have served as a trusted partner in Texas for over 60 years and are honored to continue supporting Austin's growth and development," said Sean Tenney, Texas regional manager for Parsons’ Infrastructure North America division. "Our team is dedicated to delivering exceptional program management services that will help modernize AUS and drive economic growth in the region. We look forward to collaborating with the City and other stakeholders to achieve the project's goals."
The Journey With AUS program is a comprehensive five to seven-year initiative designed to modernize and expand AUS to meet the region's growing demands. The project includes expanding the Barbara Jordan Terminal, new facilities, infrastructure improvements, enhanced parking and ground transportation, sustainability initiatives, technology upgrades, and commercial development. It aims to increase capacity and improve operational efficiency while elevating the passenger journey with an authentic Austin and Central Texas experience.
Parsons has a rich history of combining international expertise with regional strength to deliver innovative infrastructure projects that bring people closer together. The company has planned, designed, constructed, managed, enhanced, and sustained terminal, landside and airside infrastructure for over 450 airports in 40 countries. With extensive international project experience, Parsons has a deep understanding of global agency standards in accordance with the Federal Aviation Administration, the International Civil Aviation Organization, and the International Air Transport Association.
To learn more about Parsons’ aviation expertise, visit parsons.com/aviation/ .
About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.
Media Contact:
Chelsie McKittrick
+1 512.719.6877
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Investor Relations Contact:
Dave Spille
+1 703.775.6191
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