Vawter Financial Ltd. Takes $1.15 Million Position in Parsons Corporation $PSN

Key Points

• Vawter Financial Ltd. opened a new position in Parsons Corporation in the first quarter, buying 21,312 shares worth about $1.15 million.
• Insider buying has been notable: directors George L. Ball and Mark Keith Holdsworth each bought 10,000 shares in May, and insiders have purchased 32,500 shares over the last 90 days.
• Parsons beat quarterly earnings expectations with $0.79 EPS versus the $0.70 estimate, while revenue came in just below forecasts; analysts currently rate the stock Moderate Buy with a consensus price target of $75.82.

Vawter Financial Ltd. acquired a new position in shares of Parsons Corporation (NYSE:PSN - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 21,312 shares of the company's stock, valued at approximately $1,154,000.

Several other large investors have also made changes to their positions in PSN. Public Employees Retirement System of Ohio grew its stake in Parsons by 0.9% during the third quarter. Public Employees Retirement System of Ohio now owns 17,029 shares of the company's stock worth $1,412,000 after buying an additional 144 shares during the period. Kennedy Capital Management LLC raised its stake in shares of Parsons by 0.4% in the 4th quarter. Kennedy Capital Management LLC now owns 47,680 shares of the company's stock valued at $2,947,000 after acquiring an additional 194 shares during the period. NewEdge Advisors LLC raised its stake in shares of Parsons by 38.0% in the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company's stock valued at $57,000 after acquiring an additional 264 shares during the period. IFP Advisors Inc lifted its holdings in shares of Parsons by 39.5% during the 3rd quarter. IFP Advisors Inc now owns 1,032 shares of the company's stock valued at $91,000 after acquiring an additional 292 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of Parsons by 2.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,900 shares of the company's stock valued at $590,000 after acquiring an additional 300 shares in the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Parsons

In other Parsons 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 price of $50.00 per share, for a total transaction of $500,000.00. Following the completion of the purchase, the director owned 150,383 shares in the company, valued at $7,519,150. The trade was a 7.12% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark Keith Holdsworth purchased 10,000 shares of Parsons stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average cost of $51.27 per share, with a total value of $512,700.00. Following the acquisition, the director directly 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. Additional details regarding this purchase are available in the official SEC disclosure. 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 insiders.

Parsons Stock Performance

Parsons stock opened at $58.82 on Friday. Parsons Corporation has a 12-month low of $46.88 and a 12-month high of $89.50. The company has a market capitalization of $6.29 billion, a price-to-earnings ratio of 28.14, a price-to-earnings-growth ratio of 1.85 and a beta of 0.66. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.75 and a quick ratio of 1.75. The firm's fifty day moving average price is $55.30 and its 200 day moving average price is $58.70.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.09. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.50 billion. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The firm's revenue was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.60 EPS. On average, research analysts forecast that Parsons Corporation will post 2.97 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PSN. Zacks Research raised shares of Parsons from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. BNP Paribas Exane set a $65.00 price objective on Parsons and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Truist Financial reduced their price objective on Parsons from $85.00 to $75.00 and set a "buy" rating on the stock in a research note on Monday, April 20th. Citigroup upped their target price on Parsons from $65.00 to $66.00 and gave the stock a "buy" rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings lowered Parsons from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 15th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Parsons currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.82.

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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