Swedbank AB raised its position in shares of Parsons Corporation (NYSE:PSN – Free Report) by 654.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,052,541 shares of the company’s stock after buying an additional 913,079 shares during the quarter. Swedbank AB’s holdings in Parsons were worth $65,047,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Bastion Asset Management Inc. purchased a new stake in shares of Parsons in the fourth quarter worth approximately $8,044,000. IFP Advisors Inc lifted its position in shares of Parsons by 80.4% in the fourth quarter. IFP Advisors Inc now owns 1,923 shares of the company’s stock worth $119,000 after purchasing an additional 857 shares in the last quarter. TimesSquare Capital Management LLC lifted its position in shares of Parsons by 2.4% in the fourth quarter. TimesSquare Capital Management LLC now owns 353,430 shares of the company’s stock worth $21,842,000 after purchasing an additional 8,315 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Parsons by 10.2% in the fourth quarter. HighTower Advisors LLC now owns 10,973 shares of the company’s stock worth $678,000 after purchasing an additional 1,019 shares in the last quarter. Finally, Gabelli Funds LLC lifted its position in shares of Parsons by 39.2% in the fourth quarter. Gabelli Funds LLC now owns 15,000 shares of the company’s stock worth $927,000 after purchasing an additional 4,223 shares in the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other news, Director Mark Keith Holdsworth acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were purchased 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 of the company’s stock, valued at approximately $2,046,595.86. This represents a 33.42% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Carey A. Smith purchased 12,500 shares of the stock in a transaction on Friday, May 8th. The shares were bought at an average price of $49.97 per share, for a total transaction of $624,625.00. Following the acquisition, the chief executive officer owned 575,376 shares of the company’s stock, valued at approximately $28,751,538.72. The trade was a 2.22% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have bought 32,500 shares of company stock worth $1,637,325. Insiders own 1.31% of the company’s stock.
Parsons Trading Up 3.8%
Parsons (NYSE:PSN – Get Free Report) last released its quarterly earnings data 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 firm had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the company posted $0.60 earnings per share. The firm’s revenue was down 4.1% on a year-over-year basis. On average, research analysts forecast that Parsons Corporation will post 2.94 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on PSN shares. Robert W. Baird reissued a “neutral” rating and issued a $60.00 price target on shares of Parsons in a research report on Monday, April 13th. Zacks Research raised shares of Parsons from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Citigroup reduced their price target on shares of Parsons from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Jefferies Financial Group reissued a “hold” rating on shares of Parsons in a research report on Sunday, May 3rd. Finally, Truist Financial reduced their price target on shares of Parsons from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, April 20th. Nine 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, Parsons currently has an average rating of “Moderate Buy” and an average target price of $78.17.
Check Out Our Latest Stock Analysis on Parsons
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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