William Blair Investment Management LLC decreased its position in Parsons Corporation (NYSE:PSN – Free Report) by 11.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,557,531 shares of the company’s stock after selling 207,088 shares during the quarter. William Blair Investment Management LLC’s holdings in Parsons were worth $96,255,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. WINTON GROUP Ltd purchased a new stake in shares of Parsons during the third quarter valued at $2,042,000. Savvy Advisors Inc. purchased a new stake in shares of Parsons during the third quarter valued at $1,683,000. Retirement Systems of Alabama lifted its holdings in shares of Parsons by 63.3% during the third quarter. Retirement Systems of Alabama now owns 93,860 shares of the company’s stock valued at $7,783,000 after purchasing an additional 36,384 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in shares of Parsons by 212.5% during the third quarter. ArrowMark Colorado Holdings LLC now owns 125,000 shares of the company’s stock valued at $10,365,000 after purchasing an additional 85,000 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Parsons by 1.9% during the third quarter. Principal Financial Group Inc. now owns 843,863 shares of the company’s stock valued at $69,973,000 after purchasing an additional 15,444 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.
Analyst Ratings Changes
Several brokerages have recently commented on PSN. Robert W. Baird reaffirmed a “neutral” rating and set a $60.00 target price on shares of Parsons in a report on Monday, April 13th. UBS Group reduced their target price on Parsons from $104.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, February 12th. Truist Financial reduced their target price on Parsons from $85.00 to $75.00 and set a “buy” rating for the company in a report on Monday, April 20th. Barclays reduced their target price on Parsons from $78.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. Finally, Citigroup reduced their target price on Parsons from $70.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Nine 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, Parsons presently has a consensus rating of “Moderate Buy” and an average target price of $78.17.
Parsons Trading Up 3.8%
Parsons stock opened at $53.78 on Friday. The company’s fifty day simple moving average is $53.15 and its 200-day simple moving average is $64.42. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.55. Parsons Corporation has a 12 month low of $48.23 and a 12 month high of $89.50. The stock has a market cap of $5.75 billion, a P/E ratio of 25.73, a P/E/G ratio of 1.71 and a beta of 0.60.
Parsons (NYSE:PSN – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.09. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.50 billion. Parsons had a return on equity of 11.52% and a net margin of 3.62%.Parsons’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period last year, the company earned $0.60 earnings per share. As a group, sell-side analysts forecast that Parsons Corporation will post 2.94 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, Director George L. Ball purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was bought at an average cost of $50.00 per share, with a total value 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Carey A. Smith purchased 12,500 shares of Parsons stock in a transaction dated Friday, May 8th. The shares were purchased at an average price of $49.97 per share, with a total value of $624,625.00. Following the completion of the acquisition, the chief executive officer owned 575,376 shares in the company, valued at $28,751,538.72. The trade was a 2.22% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 32,500 shares of company stock valued at $1,637,325 in the last three months. Insiders own 1.31% of the company’s stock.
Parsons 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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