Brown Advisory Inc. Grows Stake in Parsons Corporation $PSN

Key Points

• Brown Advisory Inc. boosted its Parsons stake by 142.1% in Q4, ending with 833,322 shares worth about $51.5 million. Other institutional investors also increased holdings, and roughly 98.02% of Parsons shares are owned by hedge funds and other institutions.
• Wall Street remains generally constructive on Parsons, with a Moderate Buy consensus rating and an average price target of $76.92. Analysts cited in the article mostly maintained buy or overweight views, though several lowered their price targets.
• Insiders have also been buying the stock: Director Mark Keith Holdsworth and CEO Carey A. Smith both purchased shares in May. Parsons recently reported EPS of $0.79, topping estimates, while revenue came in slightly below expectations and fell 4.1% year over year.

Brown Advisory Inc. grew its position in Parsons Corporation (NYSE:PSN - Free Report) by 142.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 833,322 shares of the company's stock after purchasing an additional 489,187 shares during the quarter. Brown Advisory Inc. owned about 0.79% of Parsons worth $51,499,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. WINTON GROUP Ltd acquired a new stake in shares of Parsons during the third quarter worth $2,042,000. Swedbank AB lifted its stake in shares of Parsons by 654.7% during the fourth quarter. Swedbank AB now owns 1,052,541 shares of the company's stock worth $65,047,000 after buying an additional 913,079 shares during the period. ArrowMark Colorado Holdings LLC lifted its stake in shares of Parsons by 212.5% during the third quarter. ArrowMark Colorado Holdings LLC now owns 125,000 shares of the company's stock worth $10,365,000 after buying an additional 85,000 shares during the period. TimesSquare Capital Management LLC lifted its stake in shares of Parsons by 9.9% during the third quarter. TimesSquare Capital Management LLC now owns 345,115 shares of the company's stock worth $28,617,000 after buying an additional 30,995 shares during the period. Finally, Kettle Hill Capital Management LLC lifted its stake in shares of Parsons by 295.9% during the third quarter. Kettle Hill Capital Management LLC now owns 373,180 shares of the company's stock worth $30,944,000 after buying an additional 278,919 shares during the period. 98.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Robert W. Baird reiterated a "neutral" rating and set a $60.00 price objective on shares of Parsons in a research note on Monday, April 13th. 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 note on Tuesday, March 31st. Citigroup lowered their price objective on shares of Parsons from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Thursday, April 30th. Zacks Research upgraded shares of Parsons from a "strong sell" rating to a "hold" rating in a research note on Monday, April 13th. Finally, Truist Financial lowered their price objective on shares of Parsons from $85.00 to $75.00 and set a "buy" rating for the company in a research note on Monday, April 20th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Parsons has a consensus rating of "Moderate Buy" and an average price target of $76.92.

Insider Activity at Parsons

In other Parsons news, Director Mark Keith Holdsworth bought 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The stock was bought at an average cost of $51.27 per share, for a total transaction 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Carey A. Smith bought 12,500 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The shares were acquired at an average price of $49.97 per share, with a total value 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 trade represents a 2.22% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 32,500 shares of company stock worth $1,637,325 over the last three months. Company insiders own 1.31% of the company's stock.

Parsons Trading Down 0.1%

NYSE PSN opened at $56.62 on Monday. The company has a market capitalization of $6.06 billion, a PE ratio of 27.09, a P/E/G ratio of 1.80 and a beta of 0.64. The company has a fifty day moving average of $54.76 and a 200 day moving average of $61.65. Parsons Corporation has a 1 year low of $48.23 and a 1 year high of $89.50. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.75 and a quick ratio of 1.75.

Parsons (NYSE:PSN - Get Free Report) last posted its earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.09. The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.50 billion. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The firm's quarterly revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 earnings per share. Research analysts forecast that Parsons Corporation will post 2.94 earnings per share for the current year.

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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