Hsbc Holdings PLC Purchases Shares of 29,847 Parsons Corporation $PSN

Key Points

• HSBC Holdings PLC disclosed a new fourth-quarter position in Parsons Corporation, buying 29,847 shares worth about $1.85 million.
• Parsons saw additional insider buying, including purchases by Director Mark Keith Holdsworth and CEO Carey A. Smith; insiders bought 32,500 shares total over the last three months.
• Analyst sentiment remains mixed but constructive, with Parsons carrying a Moderate Buy consensus and an average target price of $75.82. The stock recently traded at $55.45 after slipping 0.8%.

Hsbc Holdings PLC acquired a new position in shares of Parsons Corporation (NYSE:PSN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 29,847 shares of the company's stock, valued at approximately $1,853,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. NewEdge Advisors LLC boosted its holdings in Parsons by 38.0% during the first quarter. NewEdge Advisors LLC now owns 959 shares of the company's stock valued at $57,000 after purchasing an additional 264 shares in the last quarter. Jones Financial Companies Lllp grew its position in Parsons by 433.9% in the first quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company's stock valued at $75,000 after acquiring an additional 1,024 shares during the period. Sivia Capital Partners LLC acquired a new position in Parsons during the second quarter worth $228,000. Prudential Financial Inc. lifted its holdings in shares of Parsons by 40.9% during the second quarter. Prudential Financial Inc. now owns 5,945 shares of the company's stock valued at $427,000 after acquiring an additional 1,725 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Parsons by 176.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company's stock valued at $59,000 after acquiring an additional 528 shares during the period. Institutional investors own 98.02% of the company's stock.

Insider Buying and Selling

In other Parsons news, Director Mark Keith Holdsworth bought 10,000 shares of Parsons stock in a transaction dated Tuesday, May 12th. The shares were bought at an average price of $51.27 per share, with a total value of $512,700.00. Following the purchase, the director owned 39,918 shares of the company's stock, valued at $2,046,595.86. This trade represents a 33.42% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Carey A. Smith purchased 12,500 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 575,376 shares in the company, 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 bought a total of 32,500 shares of company stock worth $1,637,325 over the last three months. 1.31% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. KeyCorp cut shares of Parsons from an "overweight" rating to a "sector weight" rating in a research note on Tuesday, April 14th. Weiss Ratings cut shares of Parsons from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 15th. Citigroup boosted their target price on Parsons from $65.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, July 1st. Robert W. Baird restated a "neutral" rating and set a $60.00 price target on shares of Parsons in a research report on Monday, April 13th. Finally, Truist Financial dropped their price target on Parsons from $85.00 to $75.00 and set a "buy" rating for the company in a report on Monday, April 20th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Parsons currently has an average rating of "Moderate Buy" and a consensus target price of $75.82.

Parsons Trading Down 0.8%

PSN stock traded down $0.43 during trading on Friday, hitting $55.45. The company had a trading volume of 1,025,060 shares, compared to its average volume of 1,061,363. The firm has a 50-day moving average price of $54.12 and a 200-day moving average price of $59.11. Parsons Corporation has a 12 month low of $46.88 and a 12 month high of $89.50. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.55. The stock has a market cap of $5.93 billion, a price-to-earnings ratio of 26.53, a PEG ratio of 1.75 and a beta of 0.66.

Parsons (NYSE:PSN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.09. Parsons had a return on equity of 11.52% and a net margin of 3.62%.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 company earned $0.60 EPS. The business's quarterly revenue was down 4.1% compared to the same quarter last year. As a group, analysts predict that Parsons Corporation will post 2.97 earnings per share for the current year.

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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