Legal & General Group Plc Sells 29,099 Shares of Parsons Corporation $PSN

Key Points

• Legal & General Group Plc cut its Parsons stake by 9.8% in the fourth quarter, selling 29,099 shares but still holding 268,927 shares worth about $16.6 million.
• Parsons insiders were active buyers, with CEO Carey A. Smith and Director Mark Keith Holdsworth purchasing shares in May; insiders bought a total of 32,500 shares last quarter.
• Analysts remain cautiously positive: the stock has a “Moderate Buy” consensus, with 10 Buy and 6 Hold ratings, though several firms recently lowered price targets. Parsons also beat quarterly EPS estimates, reporting $0.79 per share versus the expected $0.70.

Legal & General Group Plc lessened its holdings in shares of Parsons Corporation (NYSE:PSN - Free Report) by 9.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 268,927 shares of the company's stock after selling 29,099 shares during the quarter. Legal & General Group Plc owned about 0.25% of Parsons worth $16,620,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Danske Bank A S bought a new stake in Parsons during the 4th quarter valued at approximately $31,000. ST Germain D J Co. Inc. bought a new stake in Parsons in the 4th quarter worth approximately $41,000. Penserra Capital Management LLC bought a new stake in Parsons in the 3rd quarter worth approximately $59,000. Farther Finance Advisors LLC increased its stake in Parsons by 613.2% in the 4th quarter. Farther Finance Advisors LLC now owns 756 shares of the company's stock worth $47,000 after acquiring an additional 650 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Parsons by 176.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company's stock worth $59,000 after acquiring an additional 528 shares during the last quarter. Institutional investors own 98.02% of the company's stock.

Insider Activity at Parsons

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PSN. UBS Group reduced their price objective on Parsons from $104.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, February 12th. Citigroup reduced their price objective on Parsons from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Thursday, April 30th. Weiss Ratings downgraded Parsons from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 15th. Truist Financial dropped their target price on Parsons from $85.00 to $75.00 and set a "buy" rating for the company in a report on Monday, April 20th. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Parsons in a report on Sunday, May 3rd. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $77.15.

Parsons Price Performance

Shares of Parsons stock opened at $60.75 on Tuesday. The stock has a 50 day moving average price of $53.67 and a 200-day moving average price of $63.20. Parsons Corporation has a one year low of $48.23 and a one year high of $89.50. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.75 and a current ratio of 1.75. The stock has a market cap of $6.50 billion, a price-to-earnings ratio of 29.07, a price-to-earnings-growth ratio of 1.88 and a beta of 0.60.

Parsons (NYSE:PSN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 earnings per share (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 company had revenue of $1.49 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter in the previous year, the business earned $0.60 EPS. Parsons's revenue was down 4.1% compared to the same quarter last year. Equities analysts expect that Parsons Corporation will post 2.94 EPS for the current year.

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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