Hsbc Holdings PLC Acquires 29,472 Shares of Parsons Corporation $PSN

Key Points

• HSBC significantly increased its Parsons stake by 179.5% in the second quarter, purchasing 29,472 additional shares and bringing its holdings to 45,894 shares valued at approximately $2.37 million.
• Parsons director George Ball purchased 20,000 shares worth $959,400, while institutional investors collectively own 98.02% of the company’s stock.
• Analyst sentiment remains a “Moderate Buy,” with a consensus price target of $64.08, despite Parsons trading near $45.72 and reporting quarterly EPS of negative $0.06, well below the $0.76 estimate.

Hsbc Holdings PLC grew its holdings in shares of Parsons Corporation (NYSE:PSN - Free Report) by 179.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,894 shares of the company's stock after buying an additional 29,472 shares during the quarter. Hsbc Holdings PLC's holdings in Parsons were worth $2,367,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Aster Capital Management DIFC Ltd bought a new stake in shares of Parsons in the 4th quarter valued at approximately $25,000. Versant Capital Management Inc raised its holdings in Parsons by 183.6% during the 2nd quarter. Versant Capital Management Inc now owns 553 shares of the company's stock valued at $29,000 after buying an additional 358 shares during the period. Los Angeles Capital Management LLC bought a new stake in Parsons in the fourth quarter worth $32,000. GAMMA Investing LLC boosted its stake in Parsons by 160.0% during the second quarter. GAMMA Investing LLC now owns 949 shares of the company's stock worth $50,000 after buying an additional 584 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Parsons during the fourth quarter worth $53,000. Institutional investors own 98.02% of the company's stock.

Insider Buying and Selling at Parsons

In related news, Director George Ball acquired 20,000 shares of the company's stock in a transaction that occurred on Friday, August 7th. The shares were bought at an average price of $47.97 per share, with a total value of $959,400.00. Following the completion of the transaction, the director directly owned 170,383 shares in the company, valued at $8,173,272.51. This trade represents a 13.30% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.31% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on PSN shares. William Blair reaffirmed an "outperform" rating on shares of Parsons in a research note on Wednesday, July 29th. The Goldman Sachs Group reduced their price objective on shares of Parsons from $69.00 to $60.00 and set a "neutral" rating on the stock in a research report on Monday, August 3rd. Jefferies Financial Group raised shares of Parsons from a "hold" rating to a "buy" rating and set a $52.00 price objective for the company in a research note on Sunday, August 2nd. UBS Group dropped their target price on Parsons from $67.00 to $58.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. Finally, Zacks Research cut Parsons from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 5th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $64.08.

Parsons Trading Down 0.3%

NYSE:PSN opened at $45.72 on Friday. Parsons Corporation has a one year low of $36.26 and a one year high of $89.50. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.66 and a current ratio of 1.66. The firm has a market cap of $4.88 billion, a P/E ratio of 31.53, a P/E/G ratio of 3.47 and a beta of 0.71. The firm has a 50-day simple moving average of $50.39 and a 200-day simple moving average of $53.66.

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

Parsons Company Profile

Parsons Corporation NYSE: PSN is a technology and engineering company that provides solutions for critical infrastructure and national security. Its services include engineering, program management, technical consulting, cybersecurity, software development, and mission support for government and commercial customers.

The company operates through its Federal Solutions and Critical Infrastructure segments. Federal Solutions supports defense, intelligence, space, missile defense, and homeland security missions, while Critical Infrastructure provides services for transportation, environmental remediation, water and energy systems, and other complex infrastructure programs.

Founded in 1944 by engineer Ralph M.

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