Cooper Creek Partners Management LLC Acquires 467,672 Shares of Parsons Corporation $PSN

Cooper Creek Partners Management LLC boosted its holdings in shares of Parsons Corporation (NYSE:PSN) by 1,248.6% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 505,128 shares of the company’s stock after buying an additional 467,672 shares during the period. Cooper Creek Partners Management LLC’s holdings in Parsons were worth $27,363,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PSN. Artisan Partners Limited Partnership lifted its position in shares of Parsons by 6.2% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,477,159 shares of the company’s stock worth $153,088,000 after buying an additional 145,238 shares during the last quarter. Swedbank AB boosted its stake in shares of Parsons by 126.8% during the 1st quarter. Swedbank AB now owns 2,387,643 shares of the company’s stock worth $129,339,000 after acquiring an additional 1,335,102 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Parsons by 10.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company’s stock valued at $102,494,000 after acquiring an additional 179,463 shares during the last quarter. Channing Capital Management LLC increased its holdings in shares of Parsons by 16.8% during the 4th quarter. Channing Capital Management LLC now owns 1,484,039 shares of the company’s stock valued at $91,714,000 after acquiring an additional 213,312 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Parsons by 151.5% in the 2nd quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock valued at $75,173,000 after acquiring an additional 639,481 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on PSN. BNP Paribas Exane set a $65.00 target price on Parsons and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Robert W. Baird reiterated a “neutral” rating and set a $60.00 price target on shares of Parsons in a report on Monday, April 13th. Citigroup lifted their price target on shares of Parsons from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, July 1st. KeyCorp cut shares of Parsons from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 14th. Finally, Truist Financial decreased their price objective on shares of Parsons from $85.00 to $75.00 and set a “buy” rating for the company in a 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $75.82.

Insider Activity at Parsons

In other news, CEO Carey A. Smith purchased 12,500 shares of the business’s stock in a transaction on Friday, May 8th. The stock was purchased at an average price of $49.97 per share, with a total value of $624,625.00. Following the acquisition, the chief executive officer directly owned 575,376 shares in the company, valued at approximately $28,751,538.72. The trade was a 2.22% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director George L. Ball purchased 10,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The stock was purchased at an average cost of $50.00 per share, with a total value of $500,000.00. Following the acquisition, the director owned 150,383 shares in the company, valued at approximately $7,519,150. This represents a 7.12% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 32,500 shares of company stock worth $1,637,325 over the last three months. Company insiders own 1.31% of the company’s stock.

Parsons Stock Performance

NYSE:PSN opened at $58.82 on Friday. The firm’s 50-day moving average is $55.30 and its 200-day moving average is $58.70. Parsons Corporation has a 52-week low of $46.88 and a 52-week high of $89.50. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.75 and a current ratio of 1.75. The company has a market cap of $6.29 billion, a price-to-earnings ratio of 28.14, a PEG ratio of 1.85 and a beta of 0.66.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.09. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the business earned $0.60 earnings per share. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. Equities research analysts anticipate that Parsons Corporation will post 2.97 earnings per share for the current 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.