Insider Buying: Parsons (NYSE:PSN) Director Purchases $500,000.00 in Stock

Parsons Corporation (NYSE:PSN) Director George Ball acquired 10,000 shares of the stock in a transaction dated Wednesday, May 13th. The shares were bought at an average cost of $50.00 per share, with a total value of $500,000.00. Following the transaction, the director directly owned 150,383 shares of the company’s stock, valued at $7,519,150. This represents a 7.12% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Parsons Stock Down 1.4%

Shares of PSN stock opened at $50.44 on Friday. The firm has a fifty day moving average of $54.18 and a 200-day moving average of $65.51. 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 company has a market capitalization of $5.40 billion, a price-to-earnings ratio of 24.13, a P/E/G ratio of 1.60 and a beta of 0.60.

Parsons (NYSE:PSN) last issued 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. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the firm earned $0.60 earnings per share. The firm’s revenue was down 4.1% compared to the same quarter last year. As a group, equities research analysts predict that Parsons Corporation will post 2.94 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. KeyCorp downgraded shares of Parsons from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 14th. Weiss Ratings downgraded shares of Parsons from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday. Barclays lowered their price objective on shares of Parsons from $78.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Truist Financial reduced their target price on shares of Parsons from $85.00 to $75.00 and set a “buy” rating for the company in a report on Monday, April 20th. Finally, UBS Group reduced their target price 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. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $78.17.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd acquired a new position in Parsons during the fourth quarter worth $25,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Parsons in the third quarter valued at $40,000. Danske Bank A S acquired a new stake in Parsons in the fourth quarter valued at $31,000. Los Angeles Capital Management LLC acquired a new stake in Parsons in the fourth quarter valued at $32,000. Finally, ST Germain D J Co. Inc. acquired a new stake in Parsons in the fourth quarter valued at $41,000. Institutional investors and hedge funds own 98.02% of the company’s stock.

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.