Carey Smith Buys 12,500 Shares of Parsons (NYSE:PSN) Stock

Parsons Corporation (NYSE:PSN) CEO Carey Smith acquired 12,500 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was purchased at an average price 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 in the company, valued at $28,751,538.72. This trade represents a 2.22% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Parsons Stock Performance

Parsons stock traded down $0.46 during midday trading on Monday, reaching $48.72. The stock had a trading volume of 1,116,790 shares, compared to its average volume of 1,284,875. Parsons Corporation has a 12 month low of $48.23 and a 12 month high of $89.50. The firm’s 50-day moving average price is $56.09 and its 200 day moving average price is $66.81. The firm has a market capitalization of $5.21 billion, a PE ratio of 23.31, a P/E/G ratio of 1.56 and a beta of 0.60. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.55.

Parsons (NYSE:PSN) last announced its quarterly earnings data 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 business had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the business posted $0.60 EPS. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. As a group, research analysts predict that Parsons Corporation will post 2.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on PSN shares. Jefferies Financial Group restated a “hold” rating on shares of Parsons in a research report on Sunday, May 3rd. KeyCorp lowered Parsons from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 14th. Citigroup cut their target price on Parsons from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Zacks Research raised Parsons from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. Finally, Barclays cut their target price on Parsons from $78.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.17.

Institutional Trading of Parsons

Institutional investors have recently made changes to their positions in the stock. Aster Capital Management DIFC Ltd purchased a new stake in shares of Parsons during the fourth quarter valued at approximately $25,000. Danske Bank A S purchased a new stake in shares of Parsons during the fourth quarter valued at approximately $31,000. Los Angeles Capital Management LLC purchased a new stake in shares of Parsons during the fourth quarter valued at approximately $32,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Parsons during the third quarter valued at approximately $40,000. Finally, ST Germain D J Co. Inc. purchased a new stake in shares of Parsons during the fourth quarter valued at approximately $41,000. Hedge funds and other institutional investors own 98.02% 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.