Legal & General Group Plc Purchases Shares of 68,488 Parsons Corporation $PSN

Legal & General Group Plc bought a new stake in shares of Parsons Corporation (NYSE:PSN) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 68,488 shares of the company’s stock, valued at approximately $3,588,000. Legal & General Group Plc owned about 0.06% of Parsons as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Public Employees Retirement System of Ohio grew its stake in Parsons by 0.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 17,029 shares of the company’s stock worth $1,412,000 after acquiring an additional 144 shares during the period. Kennedy Capital Management LLC grew its position in shares of Parsons by 0.4% in the fourth quarter. Kennedy Capital Management LLC now owns 47,680 shares of the company’s stock valued at $2,947,000 after purchasing an additional 194 shares during the period. NewEdge Advisors LLC grew its position 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. Oregon Public Employees Retirement Fund increased its stake in shares of Parsons by 2.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,900 shares of the company’s stock valued at $590,000 after acquiring an additional 300 shares during the last quarter. Finally, Versant Capital Management Inc grew its position in Parsons by 183.6% during the second quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock valued at $29,000 after acquiring an additional 358 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Insider Activity

In related news, Director George Ball bought 20,000 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was bought at an average cost of $47.97 per share, for a total transaction of $959,400.00. Following the transaction, the director owned 170,383 shares of the company’s stock, valued at $8,173,272.51. This represents a 13.30% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.31% of the company’s stock.

Parsons Price Performance

Shares of PSN stock opened at $47.55 on Friday. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of 32.79, a PEG ratio of 3.51 and a beta of 0.71. Parsons Corporation has a 12 month low of $36.26 and a 12 month high of $89.50. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.54. The stock has a 50-day moving average price of $51.12 and a 200 day moving average price of $54.27.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, July 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.61 billion. Parsons had a net margin of 2.50% and a return on equity of 8.10%. Parsons’s revenue was down .5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.78 earnings per share. Research analysts expect that Parsons Corporation will post 2.29 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Zacks Research lowered shares of Parsons from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 5th. UBS Group lowered their price target on Parsons from $67.00 to $58.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Citigroup lowered their price objective on shares of Parsons from $66.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Stifel Nicolaus cut their price objective on Parsons from $79.00 to $66.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Finally, Truist Financial reissued a “buy” rating and issued a $60.00 price objective (down from $75.00) on shares of Parsons in a research note on Thursday, July 30th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $64.08.

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.