Norges Bank Makes New Investment in Parsons Corporation $PSN

Key Points

• Norges Bank opened a new position in Parsons Corporation in Q4, buying 302,163 shares worth about $18.7 million and taking a 0.28% stake.
• Parsons insiders have also been buying stock, including CEO Carey A. Smith and Director Mark Keith Holdsworth, with insiders purchasing 32,500 shares total over the last 90 days.
• Parsons reported better-than-expected earnings for the quarter, posting EPS of $0.79 versus $0.70 expected, while analysts currently have a Moderate Buy consensus and a $76.92 average price target.

Norges Bank bought a new position in Parsons Corporation (NYSE:PSN - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 302,163 shares of the company's stock, valued at approximately $18,674,000. Norges Bank owned approximately 0.28% of Parsons as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Danske Bank A S purchased a new stake in Parsons in the 4th quarter worth approximately $31,000. ST Germain D J Co. Inc. purchased a new stake in Parsons in the 4th quarter worth approximately $41,000. Farther Finance Advisors LLC lifted its position 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 buying an additional 650 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position 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 buying an additional 528 shares in the last quarter. Finally, CI Investments Inc. lifted its position in Parsons by 32.5% in the 3rd quarter. CI Investments Inc. now owns 852 shares of the company's stock worth $71,000 after buying an additional 209 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company's stock.

Insiders Place Their Bets

In other Parsons news, CEO Carey A. Smith purchased 12,500 shares of the firm's stock in a transaction on Friday, May 8th. The stock was bought at an average cost of $49.97 per share, with a total value of $624,625.00. Following the acquisition, the chief executive officer directly owned 575,376 shares of the company's stock, valued at approximately $28,751,538.72. This represents a 2.22% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mark Keith Holdsworth purchased 10,000 shares of the firm's stock in a transaction on Tuesday, May 12th. The shares were acquired at an average cost of $51.27 per share, with a total value of $512,700.00. Following the completion of the acquisition, the director directly owned 39,918 shares in the company, valued at $2,046,595.86. The trade was a 33.42% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 32,500 shares of company stock valued at $1,637,325 in the last ninety days. Insiders own 1.31% of the company's stock.

Parsons Trading Up 1.4%

PSN opened at $58.63 on Wednesday. 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 $6.27 billion, a price-to-earnings ratio of 28.05, a PEG ratio of 1.84 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 business has a fifty day moving average price of $54.58 and a 200 day moving average price of $62.19.

Parsons (NYSE:PSN - Get Free Report) last released its earnings results on Wednesday, April 29th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.70 by $0.09. The firm had revenue of $1.49 billion during 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%.Parsons's revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 EPS. Sell-side analysts expect that Parsons Corporation will post 2.94 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PSN shares. Weiss Ratings downgraded shares of Parsons from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, May 15th. Zacks Research upgraded shares of Parsons from a "strong sell" rating to a "hold" rating in a report on Monday, April 13th. KeyCorp downgraded shares of Parsons from an "overweight" rating to a "sector weight" rating in a report on Tuesday, April 14th. Citigroup cut their price target on shares of Parsons from $70.00 to $65.00 and set a "buy" rating on the stock in a report on Thursday, April 30th. Finally, Barclays cut their price target on shares of Parsons from $78.00 to $70.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $76.92.

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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