Insider Buying: Parsons (NYSE:PSN) Director Acquires $512,700.00 in Stock

Parsons Corporation (NYSE:PSN) Director Mark Keith Holdsworth acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average price of $51.27 per share, for a total transaction of $512,700.00. Following the completion of the acquisition, the director owned 39,918 shares of the company’s stock, valued at $2,046,595.86. This trade represents a 33.42% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Parsons Stock Down 1.4%

Shares of PSN stock opened at $50.44 on Friday. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.55. Parsons Corporation has a 1 year low of $48.23 and a 1 year high of $89.50. The firm’s fifty day moving average price is $54.18 and its two-hundred day moving average price is $65.51. The firm has a market capitalization of $5.40 billion, a P/E ratio of 24.13, a PEG ratio of 1.63 and a beta of 0.60.

Parsons (NYSE:PSN) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.09. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the business earned $0.60 EPS. The company’s revenue was down 4.1% compared to the same quarter last year. On average, equities analysts predict that Parsons Corporation will post 2.94 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PSN. Swedbank AB grew its position in shares of Parsons by 126.8% in the 1st quarter. Swedbank AB now owns 2,387,643 shares of the company’s stock valued at $129,339,000 after acquiring an additional 1,335,102 shares during the period. AQR Capital Management LLC grew its position in shares of Parsons by 151.5% in the 2nd quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock valued at $75,173,000 after acquiring an additional 639,481 shares during the period. Brown Advisory Inc. grew its position in shares of Parsons by 142.1% in the 4th quarter. Brown Advisory Inc. now owns 833,322 shares of the company’s stock valued at $51,499,000 after acquiring an additional 489,187 shares during the period. Alyeska Investment Group L.P. bought a new position in shares of Parsons in the 3rd quarter valued at about $38,880,000. Finally, Cooper Creek Partners Management LLC grew its position in shares of Parsons by 1,248.6% in the 1st quarter. Cooper Creek Partners Management LLC now owns 505,128 shares of the company’s stock valued at $27,363,000 after acquiring an additional 467,672 shares during the period. Institutional investors own 98.02% of the company’s stock.

Wall Street Analysts Forecast Growth

PSN has been the topic of several recent research reports. KeyCorp lowered shares of Parsons from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 14th. UBS Group lowered their price target on shares of Parsons from $104.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Citigroup lowered their price target on shares of Parsons from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Robert W. Baird reiterated a “neutral” rating and issued a $60.00 price target on shares of Parsons in a research note on Monday, April 13th. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of Parsons in a research note on Sunday, May 3rd. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $78.17.

Parsons Company Profile

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, construction, technical and professional services firm. The company delivers end-to-end solutions that span feasibility studies, design and engineering, construction management, system integration and ongoing operations support. Parsons serves both government and commercial clients and focuses on critical infrastructure, defense, security, intelligence and environmental programs.

Core services include program and construction management for transportation systems, water and environmental infrastructure, cybersecurity and advanced systems integration.