Bastion Asset Management Inc. purchased a new stake in shares of Parsons Corporation (NYSE:PSN – Free Report) during the fourth quarter, Holdings Channel.com reports. The fund purchased 128,186 shares of the company’s stock, valued at approximately $8,044,000. Parsons accounts for approximately 4.4% of Bastion Asset Management Inc.’s portfolio, making the stock its 8th largest position.
A number of other large investors also recently made changes to their positions in the company. Savvy Advisors Inc. purchased a new stake in Parsons during the third quarter worth about $1,683,000. WINTON GROUP Ltd purchased a new stake in Parsons during the third quarter worth about $2,042,000. Retirement Systems of Alabama increased its holdings in Parsons by 63.3% during the third quarter. Retirement Systems of Alabama now owns 93,860 shares of the company’s stock worth $7,783,000 after buying an additional 36,384 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its holdings in Parsons by 212.5% during the third quarter. ArrowMark Colorado Holdings LLC now owns 125,000 shares of the company’s stock worth $10,365,000 after buying an additional 85,000 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Parsons by 1.9% during the third quarter. Principal Financial Group Inc. now owns 843,863 shares of the company’s stock worth $69,973,000 after buying an additional 15,444 shares during the last quarter. 98.02% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on PSN. Zacks Research upgraded shares of Parsons from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. Jefferies Financial Group restated a “hold” rating on shares of Parsons in a report on Sunday, May 3rd. UBS Group decreased their price objective on shares of Parsons from $104.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, February 12th. KeyCorp downgraded shares of Parsons from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 14th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $60.00 target price on shares of Parsons in a research note on Monday, April 13th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $78.17.
Insider Transactions at Parsons
In other news, Director Mark Keith Holdsworth acquired 10,000 shares of Parsons stock in a transaction that occurred on Tuesday, May 12th. The stock was bought at an average price of $51.27 per share, with a total value of $512,700.00. Following the completion of the purchase, the director owned 39,918 shares in the company, valued at approximately $2,046,595.86. The trade was a 33.42% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director George L. Ball acquired 10,000 shares of Parsons stock in a transaction that occurred on Wednesday, May 13th. The shares were purchased at an average cost of $50.00 per share, with a total value of $500,000.00. Following the purchase, the director owned 150,383 shares of the company’s stock, valued at $7,519,150. This represents a 7.12% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 32,500 shares of company stock worth $1,637,325 over the last quarter. Corporate insiders own 1.31% of the company’s stock.
Parsons Price Performance
PSN opened at $51.07 on Wednesday. The company has a market capitalization of $5.46 billion, a price-to-earnings ratio of 24.44, a PEG ratio of 1.64 and a beta of 0.60. 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 firm has a 50-day moving average price of $53.62 and a 200-day moving average price of $64.93. Parsons Corporation has a twelve month low of $48.23 and a twelve month high of $89.50.
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 the consensus estimate of $0.70 by $0.09. The firm had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.50 billion. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The company’s revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the company earned $0.60 earnings per share. Equities analysts expect that Parsons Corporation will post 2.94 EPS for the current year.
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.
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