Kettle Hill Capital Management LLC Trims Stock Position in Parsons Corporation $PSN

Key Points

• Kettle Hill Capital Management reduced its Parsons stake by 29.6% in the fourth quarter, selling 110,467 shares and leaving it with 262,713 shares valued at about $16.2 million.
• Institutional ownership remains very high, with several other funds increasing their positions significantly and hedge funds plus other institutions holding 98.02% of Parsons shares overall.
• Parsons beat earnings expectations in its latest quarter, reporting EPS of $0.79 versus the $0.70 consensus, while analysts currently rate the stock a “Moderate Buy” with a consensus price target of $76.92.

Kettle Hill Capital Management LLC cut its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 29.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 262,713 shares of the company's stock after selling 110,467 shares during the period. Parsons makes up 3.6% of Kettle Hill Capital Management LLC's investment portfolio, making the stock its 11th biggest holding. Kettle Hill Capital Management LLC owned 0.25% of Parsons worth $16,236,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSN. Swedbank AB raised its stake in Parsons by 654.7% during the 4th quarter. Swedbank AB now owns 1,052,541 shares of the company's stock valued at $65,047,000 after acquiring an additional 913,079 shares during the last quarter. AQR Capital Management LLC raised its stake in Parsons by 151.5% during the 2nd quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company's stock valued at $75,173,000 after acquiring an additional 639,481 shares during the last quarter. Brown Advisory Inc. raised its stake in shares of Parsons by 142.1% during the 4th quarter. Brown Advisory Inc. now owns 833,322 shares of the company's stock worth $51,499,000 after buying an additional 489,187 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Parsons during the 3rd quarter worth approximately $38,880,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Parsons by 44.7% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,032,760 shares of the company's stock worth $85,636,000 after buying an additional 318,841 shares in the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PSN. Citigroup cut their target price on Parsons from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Thursday, April 30th. Truist Financial cut their target price on Parsons from $85.00 to $75.00 and set a "buy" rating for the company in a research note on Monday, April 20th. BNP Paribas Exane set a $65.00 target price on Parsons and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Zacks Research raised Parsons from a "strong sell" rating to a "hold" rating in a research note on Monday, April 13th. Finally, Weiss Ratings downgraded Parsons from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 15th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $76.92.

Parsons Stock Performance

PSN opened at $55.47 on Tuesday. The stock has a market cap of $5.93 billion, a P/E ratio of 26.54, a P/E/G ratio of 1.80 and a beta of 0.64. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.75 and a quick ratio of 1.75. The stock's 50 day simple moving average is $54.74 and its 200 day simple moving average is $61.44. Parsons Corporation has a 1-year low of $48.23 and a 1-year high of $89.50.

Parsons (NYSE:PSN - Get Free Report) last released its quarterly 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. The business had revenue of $1.49 billion for the quarter, compared to analysts' expectations of $1.50 billion. Parsons had a return on equity of 11.52% and a net margin of 3.62%.The company's revenue was down 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.60 EPS. As a group, equities analysts anticipate that Parsons Corporation will post 2.94 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Mark Keith Holdsworth purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average price of $51.27 per share, for a total transaction of $512,700.00. Following the acquisition, the director directly owned 39,918 shares in the company, valued at approximately $2,046,595.86. The trade was a 33.42% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Carey A. Smith purchased 12,500 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was purchased at an average price of $49.97 per share, for a total transaction of $624,625.00. Following the acquisition, the chief executive officer owned 575,376 shares in the company, valued at approximately $28,751,538.72. This trade represents a 2.22% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 32,500 shares of company stock worth $1,637,325 in the last quarter. Company insiders own 1.31% of the company's stock.

Parsons Company 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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