Royce & Associates LP Makes New Investment in Parsons Corporation $PSN

Key Points

• Royce & Associates LP opened a new position in Parsons Corporation in the fourth quarter, buying 81,000 shares worth about $5.0 million. Institutional ownership remains very high, with investors holding 98.02% of the stock.
• Several analysts remain constructive on PSN despite recent target cuts, with the stock carrying a Moderate Buy consensus and an average price target of $77.15. Barclays, Truist, and Citigroup all lowered their targets, while most ratings still lean bullish.
• Parsons reported better-than-expected quarterly earnings of $0.79 per share, beating estimates by $0.09, though revenue came in slightly below forecast and was down 4.1% year over year. The article also notes recent insider buying by both the CEO and a director.

Royce & Associates LP bought a new position in shares of Parsons Corporation (NYSE:PSN - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 81,000 shares of the company's stock, valued at approximately $5,006,000. Royce & Associates LP owned 0.08% of Parsons as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PSN. Swedbank AB boosted its position in Parsons by 654.7% during the fourth quarter. Swedbank AB now owns 1,052,541 shares of the company's stock worth $65,047,000 after purchasing an additional 913,079 shares during the period. AQR Capital Management LLC boosted its position 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 purchasing an additional 639,481 shares during the period. Alyeska Investment Group L.P. bought a new position in shares of Parsons in the third quarter valued at approximately $38,880,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Parsons by 44.7% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,032,760 shares of the company's stock valued at $85,636,000 after acquiring an additional 318,841 shares during the period. Finally, Kettle Hill Capital Management LLC boosted its position in shares of Parsons by 295.9% in the third quarter. Kettle Hill Capital Management LLC now owns 373,180 shares of the company's stock valued at $30,944,000 after acquiring an additional 278,919 shares during the period. Institutional investors own 98.02% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PSN. 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 research report on Tuesday, March 31st. Truist Financial cut their price objective 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. KeyCorp lowered shares of Parsons from an "overweight" rating to a "sector weight" rating in a research report on Tuesday, April 14th. Citigroup cut their price objective on shares of Parsons from $70.00 to $65.00 and set a "buy" rating for the company in a research report on Thursday, April 30th. Finally, Robert W. Baird restated a "neutral" rating and issued a $60.00 price objective on shares of Parsons in a research report on Monday, April 13th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Parsons presently has an average rating of "Moderate Buy" and an average target price of $77.15.

Insiders Place Their Bets

In other Parsons news, Director Mark Keith Holdsworth purchased 10,000 shares of the firm's 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 owned 39,918 shares of the company's stock, valued at $2,046,595.86. The trade was a 33.42% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Carey A. Smith purchased 12,500 shares of the firm's stock in a transaction on Friday, May 8th. The shares were acquired at an average cost of $49.97 per share, for a total transaction of $624,625.00. Following the completion of 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 position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 32,500 shares of company stock valued at $1,637,325. 1.31% of the stock is currently owned by corporate insiders.

Parsons Price Performance

Shares of NYSE:PSN opened at $59.08 on Friday. The firm has a market capitalization of $6.32 billion, a price-to-earnings ratio of 28.27, a PEG ratio of 1.87 and a beta of 0.60. Parsons Corporation has a one year low of $48.23 and a one year high of $89.50. The company's fifty day moving average price is $53.46 and its 200-day moving average price is $63.54. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.75 and a quick ratio of 1.75.

Parsons (NYSE:PSN - Get Free Report) last posted its quarterly 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 for the quarter, compared to the consensus estimate of $1.50 billion. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The business's revenue was down 4.1% compared to the same quarter last year. During the same period last year, the firm posted $0.60 earnings per share. On average, equities research analysts anticipate that Parsons Corporation will post 2.94 earnings per share for the current fiscal year.

Parsons 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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