Rooted Wealth Advisors Inc. Makes New $873,000 Investment in Parsons Corporation $PSN

Rooted Wealth Advisors Inc. bought a new position in shares of Parsons Corporation (NYSE:PSN) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,749 shares of the company’s stock, valued at approximately $873,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PSN. Danske Bank A S acquired a new position in Parsons during the fourth quarter worth about $31,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Parsons during the third quarter worth about $40,000. ST Germain D J Co. Inc. acquired a new position in Parsons during the fourth quarter worth about $41,000. Farther Finance Advisors LLC lifted its holdings in shares of Parsons by 613.2% in the fourth quarter. Farther Finance Advisors LLC now owns 756 shares of the company’s stock valued at $47,000 after purchasing an additional 650 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in shares of Parsons by 38.0% in the first quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after purchasing an additional 264 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Performance

NYSE:PSN opened at $53.78 on Monday. The firm has a 50 day simple moving average of $53.15 and a 200-day simple moving average of $64.31. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.75 and a quick ratio of 1.75. The firm has a market cap of $5.75 billion, a PE ratio of 25.73, a P/E/G ratio of 1.71 and a beta of 0.60. Parsons Corporation has a 1-year low of $48.23 and a 1-year high of $89.50.

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on PSN. Zacks Research raised shares of Parsons from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. UBS Group reduced their price target on shares of Parsons from $104.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, February 12th. Truist Financial reduced their price target on shares of Parsons from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, April 20th. KeyCorp downgraded shares of Parsons from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 14th. Finally, Citigroup reduced their price target on shares of Parsons from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $78.17.

Insider Activity

In other news, Director George L. Ball acquired 10,000 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was acquired at an average price of $50.00 per share, with a total value of $500,000.00. Following the completion of the transaction, the director directly owned 150,383 shares in the company, valued at approximately $7,519,150. This represents a 7.12% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mark Keith Holdsworth acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average cost of $51.27 per share, with a total value of $512,700.00. Following the transaction, the director owned 39,918 shares of the company’s stock, valued at approximately $2,046,595.86. The trade was a 33.42% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 32,500 shares of company stock valued at $1,637,325 over the last 90 days. Insiders own 1.31% of the company’s stock.

Parsons 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.