Bastion Asset Management Inc. Invests $8.04 Million in Parsons Corporation $PSN

Key Points

• Bastion Asset Management opened a new position in Parsons Corporation, buying 128,186 shares worth about $8.04 million. The stake represents roughly 4.4% of Bastion’s holdings and about 0.12% of Parsons.
• Parsons reported quarterly earnings of $0.79 per share, topping analyst estimates of $0.70, while revenue came in at $1.49 billion, slightly below expectations. The company also said revenue fell 4.1% from a year earlier.
• Insiders have been buying shares: CEO Carey A. Smith and Director Mark Keith Holdsworth recently purchased stock, with insiders acquiring 32,500 shares over the last three months. Analyst sentiment remains constructive overall, with a Moderate Buy rating and an average price target of $78.17.

Bastion Asset Management Inc. acquired a new position in shares of Parsons Corporation (NYSE:PSN - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 128,186 shares of the company's stock, valued at approximately $8,044,000. Parsons accounts for approximately 4.4% of Bastion Asset Management Inc.'s holdings, making the stock its 8th biggest holding. Bastion Asset Management Inc. owned about 0.12% of Parsons at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PSN. NewEdge Advisors LLC increased its position in shares of Parsons by 38.0% during the first quarter. NewEdge Advisors LLC now owns 959 shares of the company's stock worth $57,000 after buying an additional 264 shares during the period. Jones Financial Companies Lllp boosted its stake in Parsons by 433.9% during the first quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company's stock worth $75,000 after acquiring an additional 1,024 shares in the last quarter. Sivia Capital Partners LLC bought a new position in Parsons during the second quarter worth $228,000. Prudential Financial Inc. boosted its stake in Parsons by 40.9% during the second quarter. Prudential Financial Inc. now owns 5,945 shares of the company's stock worth $427,000 after acquiring an additional 1,725 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Parsons by 176.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company's stock worth $59,000 after acquiring an additional 528 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Down 0.8%

Parsons stock opened at $51.07 on Wednesday. Parsons Corporation has a 1-year low of $48.23 and a 1-year high of $89.50. The firm has a market capitalization of $5.46 billion, a price-to-earnings ratio of 24.44, a price-to-earnings-growth ratio of 1.64 and a beta of 0.60. The firm's fifty day moving average price is $53.62 and its two-hundred day moving average price is $64.93. 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 - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.09. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the firm earned $0.60 earnings per share. The business's quarterly revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts predict that Parsons Corporation will post 2.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Parsons

In other news, Director Mark Keith Holdsworth purchased 10,000 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average cost of $51.27 per share, with a total value of $512,700.00. Following the completion of the transaction, the director directly owned 39,918 shares of the company's stock, valued at approximately $2,046,595.86. This trade represents a 33.42% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Carey A. Smith purchased 12,500 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were purchased at an average cost of $49.97 per share, for a total transaction of $624,625.00. Following the completion of the transaction, 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 ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have acquired 32,500 shares of company stock valued at $1,637,325. Corporate insiders own 1.31% of the company's stock.

Analysts Set New Price Targets

PSN has been the topic of several research analyst reports. Zacks Research raised shares of Parsons from a "strong sell" rating to a "hold" rating in a research note on Monday, April 13th. Citigroup cut their target price on shares of Parsons from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Thursday, April 30th. UBS Group cut their target price on shares of Parsons from $104.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, February 12th. Barclays cut their target price on shares of Parsons from $78.00 to $70.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 31st. Finally, Weiss Ratings lowered shares of Parsons from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Parsons has an average rating of "Moderate Buy" and an average price target of $78.17.

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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