Key Points
- Director George Ball purchased 20,000 Parsons shares at an average price of $47.97, investing approximately $959,400 and increasing his ownership by 13.3% to 170,383 shares.
- Parsons reported a quarterly loss of $0.06 per share, missing the $0.76 consensus estimate, while revenue declined 0.5% year over year to $1.59 billion.
- Analysts have lowered their price targets, but the stock retains a “Moderate Buy” consensus rating with an average target of $64.33, compared with a recent price of $46.10.
Parsons Corporation (NYSE:PSN - Get Free Report) Director George Ball purchased 20,000 shares of Parsons stock in a transaction on Friday, August 7th. The stock was bought at an average cost of $47.97 per share, with a total value of $959,400.00. Following the completion of the acquisition, the director owned 170,383 shares in the company, valued at approximately $8,173,272.51. This trade represents a 13.30% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link.
Parsons Stock Performance
NYSE PSN opened at $46.10 on Tuesday. The company's fifty day moving average is $53.88 and its two-hundred day moving average is $57.02. Parsons Corporation has a 52-week low of $36.26 and a 52-week high of $89.50. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.66 and a quick ratio of 1.66. The firm has a market capitalization of $4.92 billion, a price-to-earnings ratio of 31.79, a P/E/G ratio of 3.60 and a beta of 0.68.
Parsons (NYSE:PSN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of $0.76 by ($0.82). Parsons had a net margin of 2.50% and a return on equity of 8.10%. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period in the prior year, the company posted $0.78 EPS. The firm's quarterly revenue was down .5% on a year-over-year basis. Equities research analysts forecast that Parsons Corporation will post 2.29 EPS for the current year.
Analysts Set New Price Targets
Several equities analysts have commented on the company. Stifel Nicolaus cut their price target on Parsons from $79.00 to $66.00 and set a "buy" rating for the company in a report on Thursday, July 30th. The Goldman Sachs Group decreased their price objective on Parsons from $69.00 to $60.00 and set a "neutral" rating on the stock in a report on Monday, August 3rd. Barclays reduced their target price on Parsons from $70.00 to $60.00 and set an "overweight" rating for the company in a research report on Thursday, July 30th. UBS Group lowered their price target on shares of Parsons from $67.00 to $58.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Finally, Citigroup lowered their price target on shares of Parsons from $66.00 to $53.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Ten equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $64.33.
Get Our Latest Stock Analysis on Parsons
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of PSN. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parsons in the 4th quarter valued at $25,000. Danske Bank A S acquired a new stake in shares of Parsons during the 4th quarter worth about $31,000. Los Angeles Capital Management LLC bought a new position in Parsons during the 4th quarter valued at about $32,000. Versant Capital Management Inc lifted its holdings in Parsons by 183.6% during the 2nd quarter. Versant Capital Management Inc now owns 553 shares of the company's stock valued at $29,000 after purchasing an additional 358 shares during the last quarter. Finally, ST Germain D J Co. Inc. acquired a new position in Parsons in the fourth quarter valued at about $41,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.
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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