Key Points
- Parsons CEO Carey Smith bought 12,500 shares at an average price of $49.97, a $624,625 transaction that increased her ownership by 2.22% to 575,376 shares.
- Parsons recently reported better-than-expected quarterly earnings, posting $0.79 EPS versus estimates of $0.70, though revenue of $1.49 billion came in slightly below expectations and was down 4.1% year over year.
- Wall Street remains cautiously positive on the stock, with analysts assigning a Moderate Buy consensus and an average price target of $78.17, even as some firms have recently trimmed targets or downgraded ratings.
Parsons Corporation (NYSE:PSN - Get Free Report) CEO Carey Smith bought 12,500 shares of Parsons stock in a transaction dated Friday, May 8th. The stock was acquired at an average price of $49.97 per share, for a total transaction of $624,625.00. Following the completion of the acquisition, 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 acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.
Parsons Stock Performance
Parsons stock opened at $48.72 on Tuesday. The company's 50-day moving average price is $55.42 and its 200-day moving average price is $66.30. Parsons Corporation has a twelve month low of $48.23 and a twelve month 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 cap of $5.21 billion, a PE ratio of 23.31, a price-to-earnings-growth ratio of 1.56 and a beta of 0.60.
Parsons (NYSE:PSN - Get Free Report) last posted its earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.09. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The firm had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the firm posted $0.60 EPS. The business's quarterly revenue was down 4.1% on a year-over-year basis. On average, equities research analysts forecast that Parsons Corporation will post 2.94 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on PSN shares. KeyCorp downgraded shares of Parsons from an "overweight" rating to a "sector weight" rating in a report on Tuesday, April 14th. UBS Group reduced their target price 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. Weiss Ratings reiterated a "hold (c)" rating on shares of Parsons in a report on Friday, March 27th. Jefferies Financial Group reissued a "hold" rating on shares of Parsons in a research report on Sunday, May 3rd. Finally, Citigroup reduced their price objective on shares of Parsons from $70.00 to $65.00 and set a "buy" rating on the stock in a research report on Thursday, April 30th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Parsons currently has an average rating of "Moderate Buy" and a consensus price target of $78.17.
Read Our Latest Research Report on Parsons
Institutional Trading of Parsons
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Savvy Advisors Inc. purchased a new stake in Parsons in the 3rd quarter worth about $1,683,000. WINTON GROUP Ltd purchased a new stake in Parsons in the 3rd quarter worth about $2,042,000. Retirement Systems of Alabama grew its stake in Parsons by 63.3% in the 3rd quarter. Retirement Systems of Alabama now owns 93,860 shares of the company's stock worth $7,783,000 after acquiring an additional 36,384 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its stake in Parsons by 212.5% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 125,000 shares of the company's stock worth $10,365,000 after acquiring an additional 85,000 shares in the last quarter. Finally, Wolverine Asset Management LLC bought a new position in Parsons in the 3rd quarter worth about $1,369,000. 98.02% of the stock is owned by hedge funds and other institutional investors.
Parsons Company Profile
(
Get Free Report)
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.
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