Parsons Corporation $PSN Shares Sold by Kettle Hill Capital Management LLC

Kettle Hill Capital Management LLC lessened its stake in shares of Parsons Corporation (NYSE:PSN) by 29.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 262,713 shares of the company’s stock after selling 110,467 shares during the quarter. Parsons comprises about 3.6% of Kettle Hill Capital Management LLC’s investment portfolio, making the stock its 11th biggest position. Kettle Hill Capital Management LLC’s holdings in Parsons were worth $16,236,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Alberta Investment Management Corp acquired a new stake in shares of Parsons during the fourth quarter worth $1,001,000. Needham Investment Management LLC raised its position in shares of Parsons by 9.8% in the 4th quarter. Needham Investment Management LLC now owns 324,000 shares of the company’s stock worth $20,023,000 after buying an additional 29,000 shares during the period. Kennedy Capital Management LLC raised its position in shares of Parsons by 0.4% in the 4th quarter. Kennedy Capital Management LLC now owns 47,680 shares of the company’s stock worth $2,947,000 after buying an additional 194 shares during the period. Brown Advisory Inc. raised its position in shares of Parsons by 142.1% in the 4th quarter. Brown Advisory Inc. now owns 833,322 shares of the company’s stock worth $51,499,000 after buying an additional 489,187 shares during the period. Finally, Kestra Advisory Services LLC raised its position in shares of Parsons by 6.1% in the 4th quarter. Kestra Advisory Services LLC now owns 8,000 shares of the company’s stock worth $494,000 after buying an additional 461 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on PSN shares. Weiss Ratings lowered Parsons from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 15th. Citigroup cut 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. Jefferies Financial Group reaffirmed a “hold” rating on shares of Parsons in a research report on Sunday, May 3rd. KeyCorp lowered Parsons from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 14th. Finally, Truist Financial cut 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 equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.92.

Insider Buying and Selling

In other news, CEO Carey A. Smith purchased 12,500 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was acquired at an average cost of $49.97 per share, for a total transaction of $624,625.00. Following the completion of the purchase, the chief executive officer owned 575,376 shares of the company’s stock, valued at approximately $28,751,538.72. This trade represents a 2.22% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark Keith Holdsworth purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average price of $51.27 per share, with a total value 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 represents a 33.42% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders bought 32,500 shares of company stock worth $1,637,325. Corporate insiders own 1.31% of the company’s stock.

Parsons Stock Down 2.2%

Shares of Parsons stock opened at $55.47 on Tuesday. The business has a 50-day moving average of $54.74 and a 200-day moving average of $61.44. 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 capitalization of $5.93 billion, a PE ratio of 26.54, a P/E/G ratio of 1.80 and a beta of 0.64. Parsons Corporation has a 1-year low of $48.23 and a 1-year high of $89.50.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.09. The company had revenue of $1.49 billion during 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 firm earned $0.60 earnings per share. As a group, equities analysts forecast that Parsons Corporation will post 2.94 EPS for the current fiscal year.

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.