Moore Capital Management LP Makes New Investment in Parsons Corporation $PSN

Moore Capital Management LP bought a new position in Parsons Corporation (NYSE:PSN) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 339,511 shares of the company’s stock, valued at approximately $20,982,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd purchased a new stake in Parsons in the 4th quarter worth approximately $25,000. Danske Bank A S purchased a new stake in Parsons in the 4th quarter worth approximately $31,000. Los Angeles Capital Management LLC purchased a new stake in Parsons in the 4th quarter worth approximately $32,000. ST Germain D J Co. Inc. purchased a new stake in Parsons in the 4th quarter worth approximately $41,000. Finally, Farther Finance Advisors LLC grew its stake in Parsons by 613.2% in the 4th quarter. Farther Finance Advisors LLC now owns 756 shares of the company’s stock worth $47,000 after acquiring an additional 650 shares during the period. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Stock Down 1.3%

Shares of NYSE PSN opened at $54.94 on Thursday. Parsons Corporation has a 52-week low of $48.23 and a 52-week high of $89.50. The firm has a fifty day moving average of $54.70 and a 200-day moving average of $61.04. The stock has a market capitalization of $5.88 billion, a PE ratio of 26.29, a P/E/G ratio of 1.77 and a beta of 0.64. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.55.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.09. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The company had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the company earned $0.60 EPS. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, analysts anticipate that Parsons Corporation will post 2.94 EPS for the current year.

Insider Buying and Selling

In other Parsons 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 purchased at an average cost of $49.97 per share, with a total value of $624,625.00. Following the transaction, the chief executive officer owned 575,376 shares in the company, valued at approximately $28,751,538.72. This trade represents a 2.22% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mark Keith Holdsworth purchased 10,000 shares of the firm’s stock in a transaction that occurred 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 owned 39,918 shares in the company, valued at $2,046,595.86. This trade represents a 33.42% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders acquired 32,500 shares of company stock valued at $1,637,325. Company insiders own 1.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on PSN. Barclays lowered their target price 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. Zacks Research raised shares of Parsons from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Parsons in a research note on Sunday, May 3rd. Truist Financial lowered their target price on shares of Parsons from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Finally, Citigroup lowered their price objective on shares of Parsons from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Parsons presently 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.