Key Points
- Parsons director Mark Keith Holdsworth bought 10,000 shares at an average price of $51.27, a transaction worth $512,700. After the purchase, he owned 39,918 shares, increasing his stake by 33.42%.
- PSN shares were down 4.3% and opened at $50.42, near the stock’s 12-month low of $48.23. The stock is trading below both its 50-day and 200-day moving averages.
- Parsons recently reported earnings above expectations, posting $0.79 EPS versus the $0.70 consensus, though revenue came in slightly below forecasts at $1.49 billion and declined 4.1% year over year.
Parsons Corporation (NYSE:PSN - Get Free Report) Director Mark Keith Holdsworth purchased 10,000 shares of the business's stock in a transaction on Tuesday, May 12th. The stock was purchased at an average cost of $51.27 per share, with a total value of $512,700.00. Following the acquisition, the director owned 39,918 shares in the company, valued at approximately $2,046,595.86. This represents a 33.42% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Parsons Trading Down 4.3%
Parsons stock opened at $50.42 on Thursday. The business has a 50 day moving average price of $54.81 and a two-hundred day moving average price of $65.85. 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 $5.39 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 1.68 and a beta of 0.60. Parsons Corporation has a 12 month low of $48.23 and a 12 month high of $89.50.
Parsons (NYSE:PSN - Get Free Report) last posted its quarterly earnings results 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 return on equity of 11.52% and a net margin of 3.62%.The company's revenue for the quarter was down 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.60 EPS. As a group, equities analysts forecast that Parsons Corporation will post 2.94 EPS for the current year.
Wall Street Analyst Weigh In
PSN has been the subject of a number of analyst reports. KeyCorp downgraded shares of Parsons from an "overweight" rating to a "sector weight" rating in a report on Tuesday, April 14th. Citigroup lowered their target price on Parsons from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Thursday, April 30th. Truist Financial cut their target price on shares of Parsons from $85.00 to $75.00 and set a "buy" rating on the stock in a research report on Monday, April 20th. Zacks Research upgraded shares of Parsons from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. Finally, UBS Group dropped their target price on shares of Parsons from $104.00 to $95.00 and set a "buy" rating for the company in a research report on Thursday, February 12th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $78.17.
Get Our Latest Research Report on Parsons
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSN. Vanguard Group Inc. boosted its holdings in shares of Parsons by 2.6% in the third quarter. Vanguard Group Inc. now owns 5,077,310 shares of the company's stock valued at $421,011,000 after buying an additional 130,694 shares during the period. Artisan Partners Limited Partnership boosted its holdings in shares of Parsons by 6.2% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,477,159 shares of the company's stock valued at $153,088,000 after buying an additional 145,238 shares during the period. Swedbank AB boosted its holdings in shares of Parsons by 126.8% in the first quarter. Swedbank AB now owns 2,387,643 shares of the company's stock valued at $129,339,000 after buying an additional 1,335,102 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Parsons by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company's stock valued at $102,494,000 after buying an additional 179,463 shares during the period. Finally, Channing Capital Management LLC boosted its holdings in shares of Parsons by 16.8% in the fourth quarter. Channing Capital Management LLC now owns 1,484,039 shares of the company's stock valued at $91,714,000 after buying an additional 213,312 shares during the period. 98.02% of the stock is currently owned by institutional investors.
About Parsons
(
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.
Further Reading
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