Granite Investment Partners LLC Has $2.73 Million Stock Position in Parsons Corporation $PSN

Key Points

• Granite Investment Partners sharply reduced its Parsons position in the first quarter, cutting holdings by 73.3% and ending with 50,429 shares valued at about $2.73 million.
• Parsons reported better-than-expected quarterly earnings of $0.79 per share, topping estimates by $0.09, though revenue came in slightly below forecasts and fell 4.1% year over year.
• Insiders bought shares recently, including CEO Carey A. Smith and Director Mark Keith Holdsworth, while analysts currently rate the stock a Moderate Buy with a consensus price target of $75.82.

Granite Investment Partners LLC reduced its position in Parsons Corporation (NYSE:PSN - Free Report) by 73.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 50,429 shares of the company's stock after selling 138,282 shares during the quarter. Granite Investment Partners LLC's holdings in Parsons were worth $2,732,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio boosted its position in shares of Parsons by 0.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 17,029 shares of the company's stock valued at $1,412,000 after purchasing an additional 144 shares in the last quarter. Kennedy Capital Management LLC lifted its stake in Parsons by 0.4% in the fourth quarter. Kennedy Capital Management LLC now owns 47,680 shares of the company's stock valued at $2,947,000 after buying an additional 194 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Parsons by 38.0% during the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company's stock worth $57,000 after buying an additional 264 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Parsons by 39.5% during the 3rd quarter. IFP Advisors Inc now owns 1,032 shares of the company's stock valued at $91,000 after acquiring an additional 292 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its stake in Parsons by 2.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 10,900 shares of the company's stock worth $590,000 after acquiring an additional 300 shares in the last quarter. 98.02% of the stock is owned by institutional investors.

Parsons Stock Down 1.3%

Shares of NYSE PSN opened at $55.91 on Friday. The stock has a market capitalization of $5.98 billion, a P/E ratio of 26.75, a P/E/G ratio of 1.78 and a beta of 0.66. The company has a 50-day moving average price of $54.02 and a 200-day moving average price of $59.14. Parsons Corporation has a 1 year low of $46.88 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 for the quarter, topping 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 company had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the business posted $0.60 EPS. The firm's revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts forecast that Parsons Corporation will post 2.97 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Carey A. Smith bought 12,500 shares of the company's stock in a transaction dated Friday, May 8th. The shares were bought 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 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mark Keith Holdsworth bought 10,000 shares of the business's stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average cost of $51.27 per share, for a total transaction of $512,700.00. Following the transaction, the director owned 39,918 shares of the company's stock, valued at $2,046,595.86. The trade was a 33.42% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders purchased 32,500 shares of company stock valued at $1,637,325. Corporate insiders own 1.31% of the company's stock.

Analyst Ratings Changes

PSN has been the topic of several research reports. Zacks Research upgraded shares of Parsons from a "strong sell" rating to a "hold" rating in a report on Monday, April 13th. Robert W. Baird reaffirmed a "neutral" rating and set a $60.00 price target on shares of Parsons in a research note on Monday, April 13th. Truist Financial cut their price target on Parsons from $85.00 to $75.00 and set a "buy" rating on the stock in a report on Monday, April 20th. Citigroup raised their price objective on Parsons from $65.00 to $66.00 and gave the company a "buy" rating in a research note on Wednesday, July 1st. Finally, BNP Paribas Exane set a $65.00 price objective on Parsons and gave the company an "outperform" rating in a report on Wednesday, May 27th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Parsons presently has an average rating of "Moderate Buy" and a consensus price target of $75.82.

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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