28,204 Shares in Parsons Corporation $PSN Purchased by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI bought a new position in shares of Parsons Corporation (NYSE:PSN) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 28,204 shares of the company’s stock, valued at approximately $1,478,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Aster Capital Management DIFC Ltd acquired a new position in Parsons during the fourth quarter worth $25,000. Versant Capital Management Inc boosted its position in Parsons by 183.6% during the second quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock worth $29,000 after purchasing an additional 358 shares in the last quarter. Danske Bank A S acquired a new stake in Parsons in the fourth quarter valued at $31,000. Los Angeles Capital Management LLC acquired a new stake in Parsons in the fourth quarter valued at $32,000. Finally, ST Germain D J Co. Inc. purchased a new position in shares of Parsons in the fourth quarter valued at $41,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. BNP Paribas Exane set a $65.00 price target on Parsons and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Truist Financial restated a “buy” rating and set a $60.00 target price (down from $75.00) on shares of Parsons in a research report on Thursday, July 30th. Weiss Ratings downgraded shares of Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Stifel Nicolaus lowered their price target on shares of Parsons from $79.00 to $66.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Finally, UBS Group dropped their price objective on shares of Parsons from $67.00 to $58.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Ten investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Parsons currently has an average rating of “Moderate Buy” and an average target price of $64.33.

Insider Activity at Parsons

In other news, Director George L. Ball bought 20,000 shares of Parsons stock in a transaction that occurred on Friday, August 7th. The shares were purchased at an average price of $47.97 per share, for a total transaction of $959,400.00. Following the completion of the acquisition, the director owned 170,383 shares of the company’s stock, valued at $8,173,272.51. The trade was a 13.30% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.31% of the stock is currently owned by insiders.

Parsons Price Performance

Parsons stock opened at $46.53 on Wednesday. Parsons Corporation has a 1 year low of $36.26 and a 1 year high of $89.50. The firm has a 50 day moving average price of $52.43 and a 200 day moving average price of $55.98. The company has a market cap of $4.97 billion, a price-to-earnings ratio of 32.09, a PEG ratio of 3.63 and a beta of 0.68. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.66 and a current ratio of 1.66.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Parsons had a return on equity of 8.10% and a net margin of 2.50%.The business’s revenue for the quarter was down .5% on a year-over-year basis. During the same period in the prior year, the business earned $0.78 EPS. Sell-side analysts predict that Parsons Corporation will post 2.29 earnings per share 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.