Parsons Corporation $PSN Shares Acquired by Swedbank AB

Key Points

• Swedbank AB sharply increased its Parsons stake by 654.7% in the fourth quarter, buying 913,079 additional shares and ending with 1,052,541 shares valued at about $65.0 million.
• Parsons reported better-than-expected quarterly earnings, posting $0.79 per share versus analyst estimates of $0.70, though revenue of $1.49 billion was slightly below expectations and down 4.1% year over year.
• Insiders have been buying shares, including two directors who each purchased 10,000 shares in May, bringing total insider buying over the last 90 days to 32,500 shares worth $1.64 million.

Swedbank AB boosted its stake in Parsons Corporation (NYSE:PSN - Free Report) by 654.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,052,541 shares of the company's stock after buying an additional 913,079 shares during the period. Swedbank AB owned 0.99% of Parsons worth $65,047,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Parsons by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,077,310 shares of the company's stock valued at $421,011,000 after buying an additional 130,694 shares in the last quarter. Artisan Partners Limited Partnership grew its position in Parsons by 10.3% in the 3rd quarter. Artisan Partners Limited Partnership now owns 2,331,921 shares of the company's stock valued at $193,363,000 after buying an additional 217,342 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Parsons by 2.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,682,586 shares of the company's stock valued at $139,511,000 after buying an additional 45,922 shares in the last quarter. AQR Capital Management LLC grew its position in Parsons by 151.5% in the 2nd quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company's stock valued at $75,173,000 after buying an additional 639,481 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Parsons by 44.7% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,032,760 shares of the company's stock valued at $85,636,000 after buying an additional 318,841 shares in the last quarter. Institutional investors own 98.02% of the company's stock.

Parsons Price Performance

Shares of NYSE PSN opened at $53.78 on Friday. Parsons Corporation has a twelve month low of $48.23 and a twelve month high of $89.50. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of 25.73, a PEG ratio of 1.71 and a beta of 0.60. The firm has a 50-day moving average of $53.15 and a two-hundred day moving average of $64.42.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.09. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the company earned $0.60 EPS. Parsons's revenue was down 4.1% on a year-over-year basis. As a group, analysts expect that Parsons Corporation will post 2.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Parsons

In other news, Director George L. Ball acquired 10,000 shares of Parsons stock in a transaction on Wednesday, May 13th. The stock was bought at an average cost of $50.00 per share, with a total value of $500,000.00. Following the completion of the purchase, the director owned 150,383 shares of the company's stock, valued at $7,519,150. This represents a 7.12% 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 Parsons stock in a transaction on Tuesday, May 12th. The shares were purchased at an average cost of $51.27 per share, with a total value of $512,700.00. Following the completion of the purchase, the director directly owned 39,918 shares of the company's stock, valued at approximately $2,046,595.86. This represents a 33.42% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders bought 32,500 shares of company stock valued at $1,637,325. 1.31% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on PSN. Barclays decreased their target price on shares of Parsons from $78.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. UBS Group decreased their target price on shares of Parsons from $104.00 to $95.00 and set a "buy" rating for the company in a research report on Thursday, February 12th. Robert W. Baird reiterated a "neutral" rating and issued a $60.00 target price on shares of Parsons in a research report on Monday, April 13th. Truist Financial decreased their target price on shares of Parsons from $85.00 to $75.00 and set a "buy" rating for the company in a research report on Monday, April 20th. Finally, KeyCorp lowered shares of Parsons from an "overweight" rating to a "sector weight" rating in a research report on Tuesday, April 14th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $78.17.

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.

Want to see what other hedge funds are holding PSN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Parsons Corporation (NYSE:PSN - Free Report).

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.