Parsons Corporation $PSN Shares Sold by Keybank National Association OH

Key Points

• Keybank National Association OH cut its Parsons stake by 67.6% in the first quarter, selling 60,964 shares and leaving it with 29,172 shares valued at about $1.58 million.
• Despite some fund selling, Parsons remains heavily owned by institutions, with 98.02% of shares held by hedge funds and other institutional investors. Several firms, including Swedbank AB and AQR Capital Management, significantly increased their positions.
• Analyst sentiment is still generally positive: Parsons has a Moderate Buy consensus rating and an average price target of $77, while insiders have recently bought shares, including purchases by the CEO and a director.

Keybank National Association OH cut its holdings in shares of Parsons Corporation (NYSE:PSN - Free Report) by 67.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,172 shares of the company's stock after selling 60,964 shares during the period. Keybank National Association OH's holdings in Parsons were worth $1,580,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in PSN. Swedbank AB raised its stake in shares of Parsons by 654.7% during the 4th quarter. Swedbank AB now owns 1,052,541 shares of the company's stock valued at $65,047,000 after buying an additional 913,079 shares during the last quarter. AQR Capital Management LLC grew its holdings in Parsons by 151.5% during the second quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company's stock worth $75,173,000 after acquiring an additional 639,481 shares during the period. Brown Advisory Inc. raised its position in Parsons by 142.1% during the fourth quarter. Brown Advisory Inc. now owns 833,322 shares of the company's stock valued at $51,499,000 after acquiring an additional 489,187 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in Parsons during the third quarter valued at approximately $38,880,000. Finally, Millennium Management LLC lifted its holdings in Parsons by 973.5% in the fourth quarter. Millennium Management LLC now owns 513,630 shares of the company's stock valued at $31,742,000 after acquiring an additional 465,785 shares during the period. 98.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on PSN. Weiss Ratings lowered Parsons from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 15th. KeyCorp lowered shares of Parsons from an "overweight" rating to a "sector weight" rating in a report on Tuesday, April 14th. Robert W. Baird reissued a "neutral" rating and set a $60.00 price target on shares of Parsons in a report on Monday, April 13th. Truist Financial dropped their price target on shares of Parsons from $85.00 to $75.00 and set a "buy" rating on the stock in a research report on Monday, April 20th. Finally, Barclays cut their price objective on shares of Parsons from $78.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.00.

Insider Buying and Selling at Parsons

In related news, Director George L. Ball acquired 10,000 shares of the firm's stock in a transaction on Wednesday, May 13th. The shares were acquired at an average cost of $50.00 per share, with a total value of $500,000.00. Following the completion of the acquisition, the director directly owned 150,383 shares in the company, valued at approximately $7,519,150. This trade represents a 7.12% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Carey A. Smith bought 12,500 shares of the business's stock in a transaction dated Friday, May 8th. The shares were bought at an average cost of $49.97 per share, with a total value of $624,625.00. Following the purchase, 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 disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 32,500 shares of company stock valued at $1,637,325 over the last ninety days. Corporate insiders own 1.31% of the company's stock.

Parsons Price Performance

Shares of Parsons stock traded down $0.20 on Tuesday, reaching $57.25. The company's stock had a trading volume of 51,601 shares, compared to its average volume of 1,260,894. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $6.12 billion, a P/E ratio of 27.31, a PEG ratio of 1.77 and a beta of 0.66. The stock has a 50-day moving average price of $53.77 and a 200-day moving average price of $59.23. Parsons Corporation has a 52-week low of $46.88 and a 52-week high of $89.50.

Parsons (NYSE:PSN - Get Free Report) last announced its 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 firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the firm posted $0.60 EPS. The business's revenue was down 4.1% on a year-over-year basis. Analysts expect that Parsons Corporation will post 2.97 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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