Legal & General Group Plc Lowers Holdings in Parsons Corporation $PSN

Legal & General Group Plc trimmed its position in Parsons Corporation (NYSE:PSN) by 9.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 268,927 shares of the company’s stock after selling 29,099 shares during the quarter. Legal & General Group Plc’s holdings in Parsons were worth $16,620,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PSN. Danske Bank A S acquired a new position in shares of Parsons in the fourth quarter valued at about $31,000. ST Germain D J Co. Inc. acquired a new position in shares of Parsons in the fourth quarter valued at about $41,000. Farther Finance Advisors LLC increased 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 during the period. NewEdge Advisors LLC increased 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 during the period. Finally, Penserra Capital Management LLC acquired a new position in shares of Parsons in the third quarter valued at about $59,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on PSN shares. Truist Financial cut their price objective on Parsons from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, April 20th. Weiss Ratings lowered Parsons from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Zacks Research raised Parsons from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. KeyCorp lowered Parsons from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 14th. Finally, UBS Group cut their price objective on Parsons from $104.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, February 12th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $77.15.

Parsons Stock Up 2.8%

Shares of PSN opened at $60.75 on Tuesday. Parsons Corporation has a 52 week low of $48.23 and a 52 week high of $89.50. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of 29.07, a PEG ratio of 1.88 and a beta of 0.60. The stock’s 50-day moving average price is $53.67 and its 200-day moving average price is $63.20.

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

Insiders Place Their Bets

In other Parsons news, Director Mark Keith Holdsworth purchased 10,000 shares of the stock in a transaction 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 transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director George L. Ball purchased 10,000 shares of the stock in a transaction on Wednesday, May 13th. The shares were acquired at an average price of $50.00 per share, for a total transaction of $500,000.00. Following the transaction, the director directly owned 150,383 shares of the company’s stock, valued at $7,519,150. This represents a 7.12% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 32,500 shares of company stock worth $1,637,325. 1.31% of the stock is owned by corporate insiders.

About Parsons

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.