Parsons (NYSE:PSN) Shares Down 7.7% – Here’s What Happened

Parsons Corporation (NYSE:PSN)’s stock price was down 7.7% during trading on Monday . The stock traded as low as $48.38 and last traded at $48.1930. Approximately 656,221 shares were traded during trading, a decline of 48% from the average session volume of 1,255,861 shares. The stock had previously closed at $52.21.

Analyst Ratings Changes

PSN has been the subject of several research analyst reports. Robert W. Baird reaffirmed a “neutral” rating and issued a $60.00 price objective on shares of Parsons in a research note on Monday, April 13th. BNP Paribas Exane set a $65.00 price target on Parsons and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Parsons in a research note on Sunday, May 3rd. KeyCorp lowered shares of Parsons from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 14th. Finally, Truist Financial lowered their price objective on shares of Parsons from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Parsons has a consensus rating of “Moderate Buy” and an average price target of $76.92.

Parsons Trading Down 6.6%

The business has a 50 day moving average of $54.50 and a 200-day moving average of $60.59. The stock has a market cap of $5.22 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 1.66 and a beta of 0.64. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.55.

Parsons (NYSE:PSN) last released its quarterly 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. 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 the consensus estimate of $1.50 billion. During the same quarter last year, the business posted $0.60 earnings per share. Parsons’s revenue was down 4.1% compared to the same quarter last year. On average, analysts anticipate that Parsons Corporation will post 2.94 EPS for the current year.

Insider Buying and Selling

In other news, Director George L. Ball bought 10,000 shares of the business’s stock in a transaction that occurred 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 purchase, the director owned 150,383 shares of the company’s stock, valued at $7,519,150. This trade represents a 7.12% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Carey A. Smith bought 12,500 shares of Parsons stock in a transaction on Friday, May 8th. The stock was purchased at an average price of $49.97 per share, for a total transaction 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. This represents a 2.22% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders purchased 32,500 shares of company stock worth $1,637,325. 1.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Parsons

A number of institutional investors have recently modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new position in shares of Parsons in the 4th quarter worth $25,000. Danske Bank A S purchased a new stake in Parsons during the fourth quarter valued at about $31,000. Los Angeles Capital Management LLC purchased a new stake in Parsons during the fourth quarter valued at about $32,000. ST Germain D J Co. Inc. acquired a new stake in Parsons during the fourth quarter worth about $41,000. Finally, Farther Finance Advisors LLC increased its stake in Parsons by 613.2% during the fourth quarter. Farther Finance Advisors LLC now owns 756 shares of the company’s stock worth $47,000 after acquiring an additional 650 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.

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.