Legal & General Group Plc Acquires New Shares in Parsons Corporation $PSN

Legal & General Group Plc acquired a new position in shares of Parsons Corporation (NYSE:PSN) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 68,488 shares of the company’s stock, valued at approximately $3,588,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its position in shares of Parsons by 10.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company’s stock valued at $102,494,000 after purchasing an additional 179,463 shares during the period. Swedbank AB lifted its stake in Parsons by 654.7% in the fourth quarter. Swedbank AB now owns 1,052,541 shares of the company’s stock valued at $65,047,000 after buying an additional 913,079 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Parsons in the second quarter valued at approximately $9,053,000. Bastion Asset Management Inc. acquired a new position in shares of Parsons in the fourth quarter valued at approximately $8,044,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Parsons in the fourth quarter valued at approximately $1,853,000. 98.02% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PSN has been the topic of a number of research analyst reports. Barclays dropped their price objective on shares of Parsons from $70.00 to $60.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. Citigroup lowered their price target on Parsons from $66.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Zacks Research cut shares of Parsons from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 5th. Robert W. Baird upgraded shares of Parsons from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $48.00 to $57.00 in a research report on Friday, August 21st. Finally, UBS Group lowered their price objective on shares of Parsons from $67.00 to $58.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Parsons currently has an average rating of “Moderate Buy” and a consensus price target of $64.08.

Insiders Place Their Bets

In other Parsons news, Director George Ball bought 20,000 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were acquired at an average cost of $47.97 per share, for a total transaction of $959,400.00. Following the purchase, the director directly owned 170,383 shares of the company’s stock, valued at $8,173,272.51. The trade was a 13.30% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.31% of the company’s stock.

Parsons Price Performance

Shares of NYSE:PSN opened at $47.55 on Friday. Parsons Corporation has a 1-year low of $36.26 and a 1-year high of $89.50. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.54. The stock has a market cap of $5.08 billion, a PE ratio of 32.79, a price-to-earnings-growth ratio of 3.51 and a beta of 0.71. The stock’s fifty day simple moving average is $51.12 and its two-hundred day simple moving average is $54.27.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, July 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.61 billion. Parsons had a net margin of 2.50% and a return on equity of 8.10%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter last year, the company earned $0.78 EPS. As a group, analysts forecast that Parsons Corporation will post 2.29 EPS for the current fiscal year.

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.