Needham Investment Management LLC Has $20.02 Million Position in Parsons Corporation $PSN

Key Points

• Needham Investment Management increased its Parsons stake by 9.8% in the fourth quarter, bringing its holdings to 324,000 shares valued at about $20.0 million.
• Analyst sentiment remains constructive overall, with Parsons carrying a Moderate Buy rating and a consensus target price of $76.92, though several firms recently trimmed their price targets.
• Parsons reported better-than-expected EPS of $0.79 in the latest quarter, but revenue came in slightly below estimates and was down 4.1% year over year.

Needham Investment Management LLC raised its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 9.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 324,000 shares of the company's stock after acquiring an additional 29,000 shares during the quarter. Parsons makes up 1.3% of Needham Investment Management LLC's portfolio, making the stock its 26th largest holding. Needham Investment Management LLC owned about 0.31% of Parsons worth $20,023,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Danske Bank A S bought a new position in shares of Parsons during the fourth quarter valued at $31,000. Los Angeles Capital Management LLC bought a new position in shares of Parsons during the fourth quarter valued at $32,000. ST Germain D J Co. Inc. bought a new position in shares of Parsons during the fourth quarter valued at $41,000. Farther Finance Advisors LLC lifted its holdings in shares of Parsons by 613.2% during the fourth quarter. Farther Finance Advisors LLC now owns 756 shares of the company's stock valued at $47,000 after acquiring an additional 650 shares during the period. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Parsons during the fourth quarter valued at $53,000. 98.02% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PSN has been the subject of a number of analyst reports. Citigroup cut their price objective on Parsons from $70.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, April 30th. Barclays cut their price objective on Parsons from $78.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. Robert W. Baird reissued a "neutral" rating and set a $60.00 price objective on shares of Parsons in a report on Monday, April 13th. Jefferies Financial Group reissued a "hold" rating on shares of Parsons in a report on Sunday, May 3rd. Finally, Weiss Ratings cut Parsons from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, May 15th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Parsons presently has an average rating of "Moderate Buy" and a consensus target price of $76.92.

Insider Buying and Selling

In other news, CEO Carey A. Smith acquired 12,500 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was purchased at an average cost of $49.97 per share, for a total transaction of $624,625.00. Following the completion of the transaction, the chief executive officer directly 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 purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mark Keith Holdsworth acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average price of $51.27 per share, with a total value of $512,700.00. Following the completion of the transaction, the director owned 39,918 shares of the company's stock, valued at approximately $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 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.

Parsons Stock Performance

Parsons stock opened at $55.47 on Tuesday. The stock has a 50-day simple moving average of $54.74 and a 200 day simple moving average of $61.44. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.55. Parsons Corporation has a 12-month low of $48.23 and a 12-month high of $89.50. The stock has a market capitalization of $5.93 billion, a price-to-earnings ratio of 26.54, a P/E/G ratio of 1.80 and a beta of 0.64.

Parsons (NYSE:PSN - Get Free Report) last released its quarterly earnings results 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 business had revenue of $1.49 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the previous year, the business posted $0.60 earnings per share. The firm's revenue for the quarter was down 4.1% compared to the same quarter last year. On average, research analysts anticipate that Parsons Corporation will post 2.94 earnings per share for the current fiscal 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.