Artisan Partners Limited Partnership Acquires 145,238 Shares of Parsons Corporation $PSN

Artisan Partners Limited Partnership grew its holdings in shares of Parsons Corporation (NYSE:PSN) by 6.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,477,159 shares of the company’s stock after buying an additional 145,238 shares during the quarter. Artisan Partners Limited Partnership’s holdings in Parsons were worth $153,088,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Blair William & Co. IL increased its holdings in Parsons by 1.9% during the 4th quarter. Blair William & Co. IL now owns 33,107 shares of the company’s stock worth $2,046,000 after purchasing an additional 609 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in Parsons during the 4th quarter worth $25,000. Alberta Investment Management Corp purchased a new position in Parsons during the 4th quarter worth $1,001,000. Needham Investment Management LLC increased its holdings in Parsons by 9.8% during the 4th quarter. Needham Investment Management LLC now owns 324,000 shares of the company’s stock worth $20,023,000 after purchasing an additional 29,000 shares during the period. Finally, Kennedy Capital Management LLC increased its holdings in Parsons by 0.4% during the 4th quarter. Kennedy Capital Management LLC now owns 47,680 shares of the company’s stock worth $2,947,000 after purchasing an additional 194 shares during the period. Institutional investors own 98.02% of the company’s stock.

Insider Buying and Selling

In other news, Director George L. Ball bought 10,000 shares of Parsons stock in a transaction that occurred on Wednesday, May 13th. The stock was bought 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. The trade was a 7.12% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mark Keith Holdsworth purchased 10,000 shares of Parsons stock in a transaction on Tuesday, May 12th. The shares were acquired at an average cost of $51.27 per share, with a total value of $512,700.00. Following the completion of the transaction, the director directly owned 39,918 shares in the company, valued at $2,046,595.86. The trade was a 33.42% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 32,500 shares of company stock worth $1,637,325 in the last 90 days. Insiders own 1.31% of the company’s stock.

Parsons Stock Performance

Shares of PSN opened at $55.66 on Wednesday. Parsons Corporation has a 12 month low of $48.23 and a 12 month high of $89.50. The stock has a fifty day moving average price of $54.73 and a 200-day moving average price of $61.24. 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 firm has a market cap of $5.95 billion, a PE ratio of 26.63, a P/E/G ratio of 1.76 and a beta of 0.64.

Parsons (NYSE:PSN) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.70 by $0.09. Parsons had a return on equity of 11.52% and a net margin of 3.62%.The firm had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the business posted $0.60 EPS. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. Equities research analysts predict that Parsons Corporation will post 2.94 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Jefferies Financial Group reaffirmed a “hold” rating on shares of Parsons in a research report on Sunday, May 3rd. Robert W. Baird reaffirmed a “neutral” rating and set a $60.00 target price on shares of Parsons in a research report on Monday, April 13th. KeyCorp cut Parsons from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 14th. Citigroup dropped their target price on Parsons from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Finally, Truist Financial dropped their target price on Parsons from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Parsons currently has an average rating of “Moderate Buy” and an average target price of $76.92.

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.