Parsons Corporation $PSN Shares Bought by Cooper Creek Partners Management LLC

Cooper Creek Partners Management LLC lifted its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 1,248.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 505,128 shares of the company's stock after purchasing an additional 467,672 shares during the period. Cooper Creek Partners Management LLC owned approximately 0.47% of Parsons worth $27,363,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parsons during the fourth quarter valued at approximately $25,000. Danske Bank A S acquired a new position in Parsons in the 4th quarter worth approximately $31,000. Los Angeles Capital Management LLC purchased a new position in Parsons during the 4th quarter worth approximately $32,000. ST Germain D J Co. Inc. purchased a new position in Parsons during the 4th quarter worth approximately $41,000. Finally, Farther Finance Advisors LLC raised its stake in Parsons by 613.2% during the 4th quarter. Farther Finance Advisors LLC now owns 756 shares of the company's stock valued at $47,000 after purchasing an additional 650 shares during the period. 98.02% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Mark Keith Holdsworth purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average price of $51.27 per share, with a total value of $512,700.00. Following the purchase, the director owned 39,918 shares in the company, valued at $2,046,595.86. This represents a 33.42% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director George L. Ball purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average cost of $50.00 per share, with a total value of $500,000.00. Following the purchase, the director owned 150,383 shares in the company, valued at $7,519,150. This represents a 7.12% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 32,500 shares of company stock worth $1,637,325 in the last three months. 1.31% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PSN has been the subject of a number of research analyst reports. BNP Paribas Exane set a $65.00 target price on Parsons and gave the company an "outperform" rating in a report on Wednesday, May 27th. Barclays lowered their price target on Parsons from $78.00 to $70.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Truist Financial dropped their price target on Parsons from $85.00 to $75.00 and set a "buy" rating on the stock in a research report on Monday, April 20th. Jefferies Financial Group reissued a "hold" rating on shares of Parsons in a research note on Wednesday, July 8th. Finally, Robert W. Baird restated a "neutral" rating and set a $60.00 price objective on shares of Parsons in a research report on Monday, April 13th. 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 an average rating of "Moderate Buy" and an average price target of $75.82.

Parsons Price Performance

Shares of NYSE:PSN opened at $58.82 on Friday. The firm has a market cap of $6.29 billion, a price-to-earnings ratio of 28.14, a P/E/G ratio of 1.85 and a beta of 0.66. Parsons Corporation has a 1 year low of $46.88 and a 1 year 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 business has a fifty day simple moving average of $55.30 and a 200 day simple moving average of $58.70.

Parsons (NYSE:PSN - Get Free Report) last issued its earnings results on Wednesday, April 29th. The company reported $0.79 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 firm had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the company posted $0.60 earnings per share. The business's quarterly revenue was down 4.1% compared to the same quarter last year. As a group, sell-side analysts predict that Parsons Corporation will post 2.97 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.

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