Insider Buying: Parsons (NYSE:PSN) CEO Buys 12,500 Shares of Stock

Parsons Corporation (NYSE:PSN) CEO Carey Smith purchased 12,500 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was acquired at an average cost of $49.97 per share, with a total value of $624,625.00. Following the purchase, the chief executive officer directly owned 575,376 shares of the company’s stock, valued at $28,751,538.72. This trade represents a 2.22% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Parsons Trading Down 0.9%

PSN stock traded down $0.46 on Monday, reaching $48.72. The company’s stock had a trading volume of 1,116,790 shares, compared to its average volume of 1,284,875. The business has a fifty day simple moving average of $56.09 and a two-hundred day simple moving average of $66.81. Parsons Corporation has a 12-month low of $48.23 and a 12-month high of $89.50. The firm has a market cap of $5.21 billion, a PE ratio of 23.31, a PEG ratio of 1.56 and a beta of 0.60. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.75 and a current ratio of 1.75.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the firm posted $0.60 earnings per share. The firm’s revenue was down 4.1% on a year-over-year basis. As a group, research analysts forecast that Parsons Corporation will post 2.94 EPS for the current year.

Hedge Funds Weigh In On Parsons

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Parsons by 2.6% in the third quarter. Vanguard Group Inc. now owns 5,077,310 shares of the company’s stock worth $421,011,000 after purchasing an additional 130,694 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in Parsons by 6.2% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,477,159 shares of the company’s stock worth $153,088,000 after purchasing an additional 145,238 shares in the last quarter. Swedbank AB raised its holdings in Parsons by 126.8% in the first quarter. Swedbank AB now owns 2,387,643 shares of the company’s stock worth $129,339,000 after purchasing an additional 1,335,102 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Parsons by 10.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company’s stock valued at $102,494,000 after acquiring an additional 179,463 shares in the last quarter. Finally, Channing Capital Management LLC increased its holdings in shares of Parsons by 16.8% during the fourth quarter. Channing Capital Management LLC now owns 1,484,039 shares of the company’s stock valued at $91,714,000 after acquiring an additional 213,312 shares in the last quarter. Institutional investors own 98.02% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on PSN shares. KeyCorp lowered Parsons from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 14th. Robert W. Baird reaffirmed a “neutral” rating and issued a $60.00 price target on shares of Parsons in a research note on Monday, April 13th. Barclays dropped their price target on Parsons from $78.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Truist Financial decreased their price objective on Parsons from $85.00 to $75.00 and set a “buy” rating for the company in a report on Monday, April 20th. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of Parsons in a report on Sunday, May 3rd. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.17.

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.