Swedbank AB Raises Position in Parsons Corporation $PSN

Swedbank AB grew its holdings in Parsons Corporation (NYSE:PSN) by 126.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,387,643 shares of the company’s stock after acquiring an additional 1,335,102 shares during the period. Swedbank AB owned about 2.26% of Parsons worth $129,339,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. LVZ Inc. boosted its holdings in Parsons by 6.1% in the first quarter. LVZ Inc. now owns 7,419 shares of the company’s stock valued at $402,000 after purchasing an additional 427 shares during the period. New York State Teachers Retirement System increased its holdings in Parsons by 12.7% during the 1st quarter. New York State Teachers Retirement System now owns 13,370 shares of the company’s stock worth $724,000 after purchasing an additional 1,508 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Parsons in the 1st quarter valued at about $4,634,000. Palouse Capital Management Inc. acquired a new stake in Parsons in the 1st quarter valued at about $140,000. Finally, Pictet Asset Management Holding SA boosted its stake in shares of Parsons by 9.6% in the 1st quarter. Pictet Asset Management Holding SA now owns 9,185 shares of the company’s stock valued at $498,000 after buying an additional 804 shares during the period. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PSN. KeyCorp downgraded Parsons from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 14th. BNP Paribas Exane set a $65.00 target price on shares of Parsons and gave the company an “outperform” rating in a report on Wednesday, May 27th. Barclays decreased their price target on shares of Parsons from $78.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Zacks Research upgraded shares of Parsons from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $60.00 price objective on shares of Parsons in a research report on Monday, April 13th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.82.

Parsons Stock Performance

Shares of Parsons stock opened at $56.58 on Wednesday. The firm has a market capitalization of $6.05 billion, a P/E ratio of 27.07, a P/E/G ratio of 1.81 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 company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.55. The firm’s 50 day moving average is $53.83 and its two-hundred day moving average is $59.21.

Parsons (NYSE:PSN) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.09. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.50 billion. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The company’s revenue was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.60 EPS. Research analysts forecast that Parsons Corporation will post 2.97 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Carey A. Smith purchased 12,500 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were purchased at an average cost of $49.97 per share, for a total transaction of $624,625.00. Following the purchase, the chief executive officer directly owned 575,376 shares of the company’s stock, valued at $28,751,538.72. The trade was a 2.22% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director George L. Ball purchased 10,000 shares of Parsons stock in a transaction that occurred on Wednesday, May 13th. The stock was bought at an average cost of $50.00 per share, with a total value of $500,000.00. Following the completion of the transaction, the director owned 150,383 shares of the company’s stock, valued at $7,519,150. The trade was a 7.12% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 32,500 shares of company stock worth $1,637,325 in the last ninety days. 1.31% of the stock is owned by corporate insiders.

Parsons 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.