Key Points
- Director George Ball bought 10,000 shares of Parsons at $50.00 each, spending $500,000 and raising his direct ownership by 7.12% to 150,383 shares.
- Parsons recently beat earnings expectations for the quarter, reporting $0.79 EPS versus the $0.70 estimate, though revenue of $1.49 billion slightly missed forecasts and declined 4.1% year over year.
- Wall Street remains cautiously positive on the stock, with nine Buy ratings and six Hold ratings and an average price target of $78.17, even as some analysts trimmed their targets.
Parsons Corporation (NYSE:PSN - Get Free Report) Director George Ball acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were bought at an average price of $50.00 per share, for a total transaction of $500,000.00. Following the purchase, the director directly owned 150,383 shares of the company's stock, valued at approximately $7,519,150. This trade represents a 7.12% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Parsons Price Performance
Shares of NYSE:PSN opened at $51.17 on Friday. The stock has a market cap of $5.47 billion, a price-to-earnings ratio of 24.48, a PEG ratio of 1.60 and a beta of 0.60. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.75 and a quick ratio of 1.75. Parsons Corporation has a 12 month low of $48.23 and a 12 month high of $89.50. The stock's 50 day moving average price is $54.50 and its 200 day moving average price is $65.62.
Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.09. Parsons had a return on equity of 11.52% and a net margin of 3.62%.The company had revenue of $1.49 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same period last year, the firm earned $0.60 EPS. The firm's revenue for the quarter was down 4.1% on a year-over-year basis. Equities research analysts anticipate that Parsons Corporation will post 2.94 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Parsons
Hedge funds have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd purchased a new position in Parsons in the 4th quarter worth about $25,000. Danske Bank A S purchased a new stake in Parsons during the fourth quarter valued at about $31,000. Los Angeles Capital Management LLC acquired a new position in shares of Parsons in the fourth quarter worth about $32,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Parsons in the third quarter worth approximately $40,000. Finally, ST Germain D J Co. Inc. purchased a new position in shares of Parsons in the fourth quarter worth approximately $41,000. 98.02% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
PSN has been the topic of several research reports. Barclays dropped their price target on shares of Parsons from $78.00 to $70.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 31st. Jefferies Financial Group restated a "hold" rating on shares of Parsons in a research report on Sunday, May 3rd. Robert W. Baird reaffirmed a "neutral" rating and issued a $60.00 price objective on shares of Parsons in a research note on Monday, April 13th. Zacks Research raised shares of Parsons from a "strong sell" rating to a "hold" rating in a research note on Monday, April 13th. Finally, Truist Financial reduced their target price 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 analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $78.17.
View Our Latest Stock Analysis on PSN
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.
Further Reading
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