Hsbc Holdings PLC Makes New Investment 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 and Exchange Commission (SEC). The fund acquired 29,847 shares of the company’s stock, valued at approximately $1,853,000.

Several other large investors have also modified their holdings of PSN. Aster Capital Management DIFC Ltd purchased a new position in shares of Parsons during the fourth quarter worth approximately $25,000. Danske Bank A S purchased a new stake in Parsons in the 4th quarter valued at $31,000. Los Angeles Capital Management LLC purchased a new stake in Parsons in the 4th quarter valued at $32,000. ST Germain D J Co. Inc. acquired a new stake in Parsons during the 4th quarter worth $41,000. Finally, Farther Finance Advisors LLC boosted its stake in Parsons by 613.2% during the 4th quarter. Farther Finance Advisors LLC now owns 756 shares of the company’s stock worth $47,000 after purchasing an additional 650 shares during the period. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Stock Performance

Shares of PSN opened at $51.32 on Tuesday. The stock has a market capitalization of $5.49 billion, a P/E ratio of 24.56, a P/E/G ratio of 1.61 and a beta of 0.64. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.75 and a current ratio of 1.75. Parsons Corporation has a 1 year low of $46.88 and a 1 year high of $89.50. The company’s fifty day moving average is $53.67 and its two-hundred day moving average is $59.54.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, April 29th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.70 by $0.09. The company had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The business’s revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the business earned $0.60 EPS. On average, sell-side analysts predict that Parsons Corporation will post 2.97 earnings per share for the current year.

Insider Buying and Selling

In other Parsons news, Director Mark Keith Holdsworth acquired 10,000 shares of the stock in a transaction on Tuesday, May 12th. The shares were bought at an average price of $51.27 per share, with a total value of $512,700.00. Following the acquisition, the director owned 39,918 shares of the company’s stock, valued at $2,046,595.86. This trade represents a 33.42% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Carey A. Smith bought 12,500 shares of the company’s stock in a transaction on Friday, May 8th. The shares were acquired at an average price of $49.97 per share, for a total transaction of $624,625.00. Following the transaction, 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 disclosure for this purchase is available in the SEC filing. Insiders bought 32,500 shares of company stock valued at $1,637,325 over the last ninety days. Corporate insiders own 1.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on PSN shares. Zacks Research upgraded shares of Parsons from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. KeyCorp lowered Parsons from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 14th. Barclays dropped their price target on Parsons from $78.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Weiss Ratings downgraded Parsons from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $60.00 price objective on shares of Parsons in a research report on Monday, April 13th. Nine investment 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.92.

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.