George Ball Acquires 20,000 Shares of Parsons (NYSE:PSN) Stock

Parsons Corporation (NYSE:PSN) Director George Ball acquired 20,000 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was purchased at an average cost of $47.97 per share, with a total value of $959,400.00. Following the transaction, the director owned 170,383 shares of the company’s stock, valued at approximately $8,173,272.51. The trade was a 13.30% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Parsons Stock Performance

Shares of PSN opened at $48.32 on Wednesday. Parsons Corporation has a 1 year low of $36.26 and a 1 year high of $89.50. The company’s 50 day simple moving average is $53.63 and its 200 day simple moving average is $56.85. The company has a market capitalization of $5.16 billion, a price-to-earnings ratio of 33.32, a PEG ratio of 3.49 and a beta of 0.68. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.66 and a current ratio of 1.66.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, July 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.76 by ($0.82). The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Parsons had a return on equity of 8.10% and a net margin of 2.50%.The firm’s revenue was down .5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.78 earnings per share. On average, sell-side analysts predict that Parsons Corporation will post 2.29 EPS for the current year.

Institutional Investors Weigh In On Parsons

Several institutional investors have recently bought and sold shares of PSN. Callan Family Office LLC acquired a new stake in shares of Parsons in the second quarter worth $417,000. Heartland Advisors Inc. acquired a new position in shares of Parsons during the 2nd quarter valued at $7,858,000. Allworth Financial LP purchased a new stake in Parsons during the 2nd quarter worth $213,000. Edmond DE Rothschild Holding S.A. purchased a new stake in Parsons during the 2nd quarter worth $3,181,000. Finally, Danske Bank A S acquired a new stake in Parsons in the 2nd quarter valued at $58,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSN has been the topic of several recent analyst reports. Barclays reduced their target price on Parsons from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. KeyCorp downgraded shares of Parsons from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 14th. TD Cowen reaffirmed a “buy” rating on shares of Parsons in a research note on Wednesday, July 29th. Jefferies Financial Group upgraded shares of Parsons from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a report on Sunday, August 2nd. Finally, Weiss Ratings cut shares of Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. Ten equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $64.33.

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.