Clearline Capital LP bought a new position in Parsons Corporation (NYSE:PSN – Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 413,356 shares of the company’s stock, valued at approximately $25,545,000. Parsons makes up about 1.3% of Clearline Capital LP’s holdings, making the stock its 17th biggest position.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Aster Capital Management DIFC Ltd purchased a new stake in Parsons in the fourth quarter worth approximately $25,000. Danske Bank A S purchased a new stake in Parsons in the fourth quarter worth approximately $31,000. Los Angeles Capital Management LLC purchased a new stake in Parsons in the fourth quarter worth approximately $32,000. ST Germain D J Co. Inc. purchased a new stake in Parsons in the fourth quarter worth approximately $41,000. Finally, Farther Finance Advisors LLC boosted its stake in Parsons by 613.2% in the fourth quarter. Farther Finance Advisors LLC now owns 756 shares of the company’s stock worth $47,000 after buying an additional 650 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.
Parsons Price Performance
Shares of Parsons stock opened at $54.94 on Thursday. 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 company has a market cap of $5.88 billion, a PE ratio of 26.29, a P/E/G ratio of 1.77 and a beta of 0.64. The business has a 50 day moving average of $54.70 and a 200 day moving average of $61.04. Parsons Corporation has a 52 week low of $48.23 and a 52 week high of $89.50.
Analysts Set New Price Targets
PSN has been the subject of several research reports. Barclays cut their target price on Parsons from $78.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Weiss Ratings lowered Parsons from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Robert W. Baird reaffirmed a “neutral” rating and issued a $60.00 target price on shares of Parsons in a research note on Monday, April 13th. Citigroup cut 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. Finally, KeyCorp downgraded Parsons from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 14th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $76.92.
Check Out Our Latest Research Report on PSN
Insiders Place Their Bets
In other news, Director Mark Keith Holdsworth acquired 10,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was acquired at an average price of $51.27 per share, for a total transaction of $512,700.00. Following the completion of the acquisition, the director owned 39,918 shares in the company, valued at $2,046,595.86. This trade represents a 33.42% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director George L. Ball acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was purchased at an average price of $50.00 per share, with a total value of $500,000.00. Following the acquisition, 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. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders bought 32,500 shares of company stock worth $1,637,325. 1.31% of the stock is owned by corporate insiders.
About Parsons
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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