Hsbc Holdings PLC Invests $1.85 Million in Parsons Corporation $PSN

Hsbc Holdings PLC acquired a new stake in Parsons Corporation (NYSE:PSN) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 29,847 shares of the company’s stock, valued at approximately $1,853,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Artisan Partners Limited Partnership grew its position in shares of Parsons by 6.2% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,477,159 shares of the company’s stock worth $153,088,000 after buying an additional 145,238 shares during the period. Dimensional Fund Advisors LP grew its holdings in Parsons by 1.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,712,937 shares of the company’s stock valued at $105,863,000 after purchasing an additional 30,351 shares during the period. Channing Capital Management LLC grew its holdings in Parsons by 16.8% during the fourth quarter. Channing Capital Management LLC now owns 1,484,039 shares of the company’s stock worth $91,714,000 after purchasing an additional 213,312 shares during the period. AQR Capital Management LLC increased its position in shares of Parsons by 151.5% during the second quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock worth $75,173,000 after acquiring an additional 639,481 shares in the last quarter. Finally, Swedbank AB raised its position in shares of Parsons by 654.7% in the fourth quarter. Swedbank AB now owns 1,052,541 shares of the company’s stock valued at $65,047,000 after purchasing an additional 913,079 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Price Performance

Shares of PSN traded down $0.43 during midday trading on Friday, reaching $55.45. The stock had a trading volume of 1,025,060 shares, compared to its average volume of 1,061,363. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $5.93 billion, a price-to-earnings ratio of 26.53, a price-to-earnings-growth ratio of 1.75 and a beta of 0.66. The company’s 50-day moving average is $54.12 and its 200 day moving average is $59.11. Parsons Corporation has a 12-month low of $46.88 and a 12-month high of $89.50.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.09. The company had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Parsons had a return on equity of 11.52% and a net margin of 3.62%.Parsons’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period last year, the firm posted $0.60 EPS. On average, equities analysts predict that Parsons Corporation will post 2.97 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PSN shares. Barclays reduced their price objective 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. Truist Financial lowered their price target on shares of Parsons from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, April 20th. KeyCorp cut shares of Parsons from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 14th. Weiss Ratings downgraded Parsons from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 15th. Finally, Citigroup lifted their price objective on Parsons from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 1st. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $75.82.

Insiders Place Their Bets

In other Parsons news, CEO Carey A. Smith acquired 12,500 shares of the stock in a transaction dated Friday, May 8th. The stock was purchased at an average cost of $49.97 per share, for a total transaction of $624,625.00. Following the acquisition, the chief executive officer owned 575,376 shares in the company, valued at $28,751,538.72. The trade was a 2.22% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mark Keith Holdsworth acquired 10,000 shares of the business’s stock in a transaction dated 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 purchase, the director directly owned 39,918 shares in the company, valued at $2,046,595.86. This represents a 33.42% increase in their position. The disclosure for this purchase is available in the SEC filing. 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 corporate insiders.

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.