SG Americas Securities LLC Has $501,000 Position in Parsons Corporation $PSN

Key Points

• SG Americas Securities LLC sharply reduced its Parsons stake, cutting holdings by 70.2% in the first quarter and ending with 9,249 shares valued at about $501,000.
• Parsons reported mixed quarterly results, beating EPS expectations at $0.79 versus $0.70, while revenue came in slightly below estimates at $1.49 billion and fell 4.1% year over year.
• Analysts remain moderately bullish on PSN, with nine Buy ratings and six Hold ratings, and an average price target of $75.82; meanwhile, company insiders have been buying shares, including two directors who each purchased 10,000 shares in May.

SG Americas Securities LLC cut its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 70.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,249 shares of the company's stock after selling 21,784 shares during the quarter. SG Americas Securities LLC's holdings in Parsons were worth $501,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of PSN. NewEdge Advisors LLC raised its holdings in shares of Parsons by 38.0% during the first quarter. NewEdge Advisors LLC now owns 959 shares of the company's stock valued at $57,000 after purchasing an additional 264 shares during the period. Jones Financial Companies Lllp grew its stake in shares of Parsons by 433.9% in the 1st quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company's stock valued at $75,000 after buying an additional 1,024 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Parsons in the 2nd quarter valued at about $228,000. Prudential Financial Inc. increased its position in Parsons by 40.9% in the 2nd quarter. Prudential Financial Inc. now owns 5,945 shares of the company's stock valued at $427,000 after buying an additional 1,725 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased 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 valued at $59,000 after buying an additional 528 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Performance

Shares of PSN opened at $56.74 on Thursday. The firm has a market capitalization of $6.07 billion, a P/E ratio of 27.15, a P/E/G ratio of 1.78 and a beta of 0.66. Parsons Corporation has a 52 week low of $46.88 and a 52 week high of $89.50. The stock has a 50 day moving average price of $53.94 and a two-hundred day moving average price of $59.18. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.75 and a current ratio of 1.75.

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 the consensus estimate of $0.70 by $0.09. Parsons had a return on equity of 11.52% and a net margin of 3.62%.The company had revenue of $1.49 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter in the previous year, the firm earned $0.60 earnings per share. Parsons's quarterly revenue was down 4.1% on a year-over-year basis. Equities analysts forecast that Parsons Corporation will post 2.97 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Citigroup increased their price target on Parsons from $65.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, July 1st. Weiss Ratings lowered Parsons from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 15th. BNP Paribas Exane set a $65.00 target price on Parsons and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Zacks Research raised shares of Parsons from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Parsons in a research note on Wednesday. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Parsons presently has an average rating of "Moderate Buy" and an average price target of $75.82.

Insider Activity at Parsons

In other news, Director George L. Ball purchased 10,000 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The shares were acquired at an average cost of $50.00 per share, for a total transaction of $500,000.00. Following the completion of the acquisition, the director owned 150,383 shares in the company, valued at $7,519,150. This trade represents a 7.12% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mark Keith Holdsworth acquired 10,000 shares of Parsons stock in a transaction on Tuesday, May 12th. The stock was purchased at an average cost of $51.27 per share, with a total value of $512,700.00. Following the completion of the transaction, the director directly owned 39,918 shares in the company, valued at $2,046,595.86. This represents a 33.42% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought 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.

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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