Vawter Financial Ltd. Acquires Shares of 21,312 Parsons Corporation $PSN

Vawter Financial Ltd. acquired a new position in shares of Parsons Corporation (NYSE:PSN) in the 1st quarter, HoldingsChannel.com reports. The firm acquired 21,312 shares of the company’s stock, valued at approximately $1,154,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. NewEdge Advisors LLC raised its stake in shares of Parsons by 38.0% in the 1st 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. Jones Financial Companies Lllp grew its stake in Parsons by 433.9% in the first quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company’s stock worth $75,000 after purchasing an additional 1,024 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Parsons in the second quarter worth about $228,000. Prudential Financial Inc. increased its holdings in Parsons by 40.9% in the second quarter. Prudential Financial Inc. now owns 5,945 shares of the company’s stock valued at $427,000 after buying an additional 1,725 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Parsons by 176.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company’s stock valued at $59,000 after buying an additional 528 shares during the last quarter. Institutional investors own 98.02% of the company’s stock.

Insider Activity

In other news, CEO Carey A. Smith purchased 12,500 shares of Parsons stock in a transaction dated Friday, May 8th. The stock was bought at an average price of $49.97 per share, with a total value of $624,625.00. Following the completion of the acquisition, the chief executive officer owned 575,376 shares in the company, valued at $28,751,538.72. The trade was a 2.22% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director George L. Ball purchased 10,000 shares of the stock in a transaction dated Wednesday, May 13th. The shares were purchased at an average price of $50.00 per share, with a total value of $500,000.00. Following the transaction, the director directly owned 150,383 shares of the company’s stock, valued at approximately $7,519,150. The trade was a 7.12% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders bought 32,500 shares of company stock valued at $1,637,325. 1.31% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Citigroup upped their price objective on Parsons from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 1st. Weiss Ratings downgraded Parsons from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. KeyCorp lowered Parsons from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 14th. BNP Paribas Exane set a $65.00 price objective on Parsons and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Truist Financial decreased their price objective on shares of Parsons from $85.00 to $75.00 and set a “buy” rating for the company in a report on Monday, April 20th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $75.82.

Parsons Trading Up 0.6%

Shares of NYSE PSN opened at $58.82 on Friday. The company has a market cap of $6.29 billion, a price-to-earnings ratio of 28.14, a price-to-earnings-growth ratio of 1.85 and a beta of 0.66. Parsons Corporation has a 12-month low of $46.88 and a 12-month high of $89.50. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.55. The stock’s 50 day simple moving average is $55.30 and its 200 day simple moving average is $58.70.

Parsons (NYSE:PSN) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the business earned $0.60 EPS. The firm’s revenue was down 4.1% on a year-over-year basis. Equities research analysts expect that Parsons Corporation will post 2.97 EPS for the current year.

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.