Swedbank AB Raises Stock Holdings in Parsons Corporation $PSN

Swedbank AB grew its position in Parsons Corporation (NYSE:PSN) by 126.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,387,643 shares of the company’s stock after acquiring an additional 1,335,102 shares during the quarter. Swedbank AB’s holdings in Parsons were worth $129,339,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. AQR Capital Management LLC increased its stake in Parsons by 151.5% in the second quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock valued at $75,173,000 after purchasing an additional 639,481 shares during the period. Brown Advisory Inc. boosted its stake in shares of Parsons by 142.1% during the fourth quarter. Brown Advisory Inc. now owns 833,322 shares of the company’s stock worth $51,499,000 after buying an additional 489,187 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of Parsons during the third quarter worth about $38,880,000. Millennium Management LLC increased its position in Parsons by 973.5% in the 4th quarter. Millennium Management LLC now owns 513,630 shares of the company’s stock valued at $31,742,000 after acquiring an additional 465,785 shares during the period. Finally, Clearline Capital LP acquired a new position in Parsons in the 4th quarter valued at about $25,545,000. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Stock Performance

NYSE:PSN opened at $56.58 on Wednesday. The firm’s fifty day simple moving average is $53.83 and its 200-day simple moving average is $59.21. 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 stock has a market cap of $6.05 billion, a PE ratio of 27.07, a price-to-earnings-growth ratio of 1.81 and a beta of 0.66. Parsons Corporation has a fifty-two week low of $46.88 and a fifty-two week high of $89.50.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.70 by $0.09. The firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.60 earnings per share. Analysts expect that Parsons Corporation will post 2.97 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PSN. Weiss Ratings cut Parsons from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 15th. KeyCorp cut Parsons from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 14th. BNP Paribas Exane set a $65.00 price target on Parsons and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Parsons in a report on Sunday, May 3rd. Finally, Citigroup lifted their price objective on shares of Parsons from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, July 1st. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $75.82.

Insider Buying and Selling at Parsons

In related 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 cost of $49.97 per share, for a total transaction of $624,625.00. Following the transaction, the chief executive officer owned 575,376 shares in the company, valued at approximately $28,751,538.72. The trade was a 2.22% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director George L. Ball purchased 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The shares were purchased at an average cost of $50.00 per share, for a total transaction of $500,000.00. Following the purchase, the director directly owned 150,383 shares in the company, valued at approximately $7,519,150. This represents a 7.12% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 32,500 shares of company stock valued at $1,637,325. Corporate insiders own 1.31% of the company’s stock.

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.