Parsons (NYSE:PSN) Trading Down 7.7% – What’s Next?

Parsons Corporation (NYSE:PSN) traded down 7.7% on Monday . The stock traded as low as $48.38 and last traded at $48.1930. Approximately 656,221 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 1,255,861 shares. The stock had previously closed at $52.21.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PSN shares. Truist Financial dropped their target price 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. Citigroup reduced their price target on shares of Parsons from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. BNP Paribas Exane set a $65.00 price objective on shares of Parsons and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Jefferies Financial Group reissued a “hold” rating on shares of Parsons in a research report on Sunday, May 3rd. Finally, KeyCorp downgraded shares of Parsons from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 14th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $76.92.

Parsons Price Performance

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 company has a market cap of $5.22 billion, a PE ratio of 23.40, a P/E/G ratio of 1.66 and a beta of 0.64. The company has a 50-day moving average price of $54.50 and a two-hundred day moving average price of $60.59.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, April 29th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.70 by $0.09. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.50 billion. Parsons had a return on equity of 11.52% and a net margin of 3.62%.The company’s revenue was down 4.1% on a year-over-year basis. During the same period last year, the business posted $0.60 EPS. Sell-side analysts expect that Parsons Corporation will post 2.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Parsons

In other news, Director Mark Keith Holdsworth acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were bought at an average price of $51.27 per share, for a total transaction of $512,700.00. Following the completion of the purchase, the director directly owned 39,918 shares of the company’s stock, valued at approximately $2,046,595.86. This trade represents a 33.42% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director George L. Ball acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, May 13th. The shares were purchased at an average price of $50.00 per share, for a total transaction of $500,000.00. Following the purchase, the director directly owned 150,383 shares of the company’s stock, valued at approximately $7,519,150. This trade represents a 7.12% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 32,500 shares of company stock valued at $1,637,325 over the last 90 days. 1.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Parsons

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Parsons by 2.6% during the third quarter. Vanguard Group Inc. now owns 5,077,310 shares of the company’s stock worth $421,011,000 after purchasing an additional 130,694 shares during the last quarter. Artisan Partners Limited Partnership grew its stake in Parsons by 6.2% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,477,159 shares of the company’s stock worth $153,088,000 after purchasing an additional 145,238 shares in the last quarter. Swedbank AB increased its holdings in Parsons by 126.8% in the first quarter. Swedbank AB now owns 2,387,643 shares of the company’s stock valued at $129,339,000 after buying an additional 1,335,102 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Parsons by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company’s stock valued at $102,494,000 after buying an additional 179,463 shares during the last quarter. Finally, Channing Capital Management LLC raised its stake in Parsons by 16.8% during the fourth quarter. Channing Capital Management LLC now owns 1,484,039 shares of the company’s stock valued at $91,714,000 after buying an additional 213,312 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Company 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.