Heartland Advisors Inc. Purchases Shares of 150,000 Parsons Corporation $PSN

Key Points

• Heartland Advisors acquired 150,000 Parsons shares in the second quarter, worth approximately $7.86 million and representing a 0.14% stake.
• Parsons reported quarterly revenue of $1.59 billion and a loss of $0.06 per share, missing analysts’ estimates of $1.61 billion in revenue and $0.76 EPS. Revenue declined 0.5% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $64.08, while Director George L. Ball purchased 20,000 shares at an average price of $47.97.

Heartland Advisors Inc. acquired a new position in Parsons Corporation (NYSE:PSN - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 150,000 shares of the company's stock, valued at approximately $7,858,000. Heartland Advisors Inc. owned 0.14% of Parsons as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in PSN. Aster Capital Management DIFC Ltd bought a new position in shares of Parsons during the fourth quarter valued at approximately $25,000. Versant Capital Management Inc boosted its holdings in Parsons by 183.6% in the second quarter. Versant Capital Management Inc now owns 553 shares of the company's stock valued at $29,000 after acquiring an additional 358 shares in the last quarter. Danske Bank A S bought a new stake in Parsons in the fourth quarter valued at $31,000. Los Angeles Capital Management LLC bought a new stake in Parsons in the fourth quarter valued at $32,000. Finally, ST Germain D J Co. Inc. purchased a new position in Parsons during the 4th quarter valued at $41,000. 98.02% of the stock is currently owned by institutional investors.

Parsons Stock Performance

Shares of Parsons stock opened at $48.98 on Friday. Parsons Corporation has a 12 month low of $36.26 and a 12 month high of $89.50. The firm has a market capitalization of $5.23 billion, a P/E ratio of 33.78, a P/E/G ratio of 3.49 and a beta of 0.68. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.54. The business has a fifty day simple moving average of $51.86 and a two-hundred day simple moving average of $55.60.

Parsons (NYSE:PSN - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of $0.76 by ($0.82). The business had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.61 billion. Parsons had a return on equity of 8.10% and a net margin of 2.50%.The firm's quarterly revenue was down .5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 earnings per share. On average, equities analysts forecast that Parsons Corporation will post 2.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Parsons news, Director George L. Ball acquired 20,000 shares of the company's stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average price of $47.97 per share, with a total value of $959,400.00. Following the completion of the purchase, the director directly owned 170,383 shares of the company's stock, valued at approximately $8,173,272.51. The trade was a 13.30% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.31% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PSN has been the subject of several research reports. UBS Group decreased their price objective on shares of Parsons from $67.00 to $58.00 and set a "buy" rating for the company in a report on Thursday, July 30th. William Blair reaffirmed an "outperform" rating on shares of Parsons in a research note on Wednesday, July 29th. Jefferies Financial Group upgraded shares of Parsons from a "hold" rating to a "buy" rating and set a $52.00 price target on the stock in a research report on Sunday, August 2nd. Truist Financial reissued a "buy" rating and issued a $60.00 price target (down from $75.00) on shares of Parsons in a research note on Thursday, July 30th. Finally, Citigroup lowered their price objective on shares of Parsons from $66.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Eleven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $64.08.

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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