413,356 Shares in Parsons Corporation $PSN Purchased by Clearline Capital LP

Key Points

• Clearline Capital LP opened a new position in Parsons Corporation, buying 413,356 shares worth about $25.5 million in the fourth quarter. The stake represented about 1.3% of Clearline’s portfolio and roughly 0.39% of Parsons’ shares outstanding.
• Other institutional investors also boosted their holdings, including Swedbank AB, AQR Capital Management, and Brown Advisory. Overall, hedge funds and other institutions own 98.02% of Parsons stock.
• Parsons reported Q1 earnings of $0.79 per share, beating estimates of $0.70, though revenue came in slightly below expectations and fell 4.1% year over year. Analysts currently rate the stock as Moderate Buy with an average target price of $76.92.

Clearline Capital LP acquired a new position in Parsons Corporation (NYSE:PSN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 413,356 shares of the company's stock, valued at approximately $25,545,000. Parsons comprises about 1.3% of Clearline Capital LP's portfolio, making the stock its 17th biggest position. Clearline Capital LP owned about 0.39% of Parsons as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PSN. Swedbank AB increased its holdings in Parsons by 654.7% in the 4th quarter. Swedbank AB now owns 1,052,541 shares of the company's stock worth $65,047,000 after acquiring an additional 913,079 shares during the last quarter. AQR Capital Management LLC increased its holdings in Parsons by 151.5% in the 2nd quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company's stock worth $75,173,000 after acquiring an additional 639,481 shares during the last quarter. Brown Advisory Inc. increased its holdings in Parsons by 142.1% in the 4th quarter. Brown Advisory Inc. now owns 833,322 shares of the company's stock worth $51,499,000 after acquiring an additional 489,187 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in Parsons in the 3rd quarter worth about $38,880,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Parsons by 44.7% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,032,760 shares of the company's stock worth $85,636,000 after acquiring an additional 318,841 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company's stock.

Insider Transactions at Parsons

In other Parsons news, Director George L. Ball acquired 10,000 shares of the business's stock in a transaction dated Wednesday, May 13th. The stock was bought at an average price of $50.00 per share, with a total value of $500,000.00. Following the completion of the acquisition, 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Carey A. Smith acquired 12,500 shares of the business's stock in a transaction dated Friday, May 8th. The shares were acquired at an average cost of $49.97 per share, with a total value of $624,625.00. Following the acquisition, the chief executive officer directly owned 575,376 shares of the company's stock, valued at $28,751,538.72. This represents a 2.22% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 32,500 shares of company stock valued at $1,637,325. 1.31% of the stock is owned by corporate insiders.

Parsons Stock Down 1.3%

PSN 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 firm has a market capitalization of $5.88 billion, a PE ratio of 26.29, a PEG ratio of 1.77 and a beta of 0.64. Parsons Corporation has a twelve month low of $48.23 and a twelve month high of $89.50. The stock has a 50-day simple moving average of $54.70 and a two-hundred day simple moving average of $61.04.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 EPS 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 analyst estimates of $1.50 billion. During the same quarter in the previous year, the firm earned $0.60 earnings per share. Parsons's revenue was down 4.1% on a year-over-year basis. On average, equities analysts predict that Parsons Corporation will post 2.94 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PSN shares. Weiss Ratings lowered Parsons from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, May 15th. 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. 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. 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. Finally, Zacks Research raised Parsons from a "strong sell" rating to a "hold" rating in a report on Monday, April 13th. Nine 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 has a consensus rating of "Moderate Buy" and an average target price of $76.92.

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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