William Blair Investment Management LLC Reduces Stock Position in Parsons Corporation $PSN

William Blair Investment Management LLC cut its holdings in shares of Parsons Corporation (NYSE:PSN) by 11.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,557,531 shares of the company’s stock after selling 207,088 shares during the quarter. William Blair Investment Management LLC owned approximately 1.46% of Parsons worth $96,255,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of PSN. Swedbank AB increased its holdings in Parsons by 654.7% during the 4th quarter. Swedbank AB now owns 1,052,541 shares of the company’s stock worth $65,047,000 after purchasing an additional 913,079 shares during the last quarter. AQR Capital Management LLC increased its holdings in Parsons by 151.5% during the 2nd quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock worth $75,173,000 after purchasing an additional 639,481 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in Parsons during the 3rd quarter worth approximately $38,880,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Parsons by 44.7% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,032,760 shares of the company’s stock worth $85,636,000 after purchasing an additional 318,841 shares during the last quarter. Finally, Kettle Hill Capital Management LLC increased its holdings in shares of Parsons by 295.9% in the 3rd quarter. Kettle Hill Capital Management LLC now owns 373,180 shares of the company’s stock valued at $30,944,000 after acquiring an additional 278,919 shares during the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Trading Up 3.8%

NYSE:PSN opened at $53.78 on Friday. Parsons Corporation has a 12-month low of $48.23 and a 12-month high of $89.50. The firm has a market capitalization of $5.75 billion, a P/E ratio of 25.73, a P/E/G ratio of 1.71 and a beta of 0.60. 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 business has a 50 day simple moving average of $53.15 and a 200 day simple moving average of $64.42.

Parsons (NYSE:PSN) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.09. Parsons had a return on equity of 11.52% and a net margin of 3.62%.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 previous year, the firm posted $0.60 EPS. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. Equities research analysts predict that Parsons Corporation will post 2.94 EPS for the current year.

Wall Street Analyst Weigh In

PSN has been the subject of a number of research analyst reports. Robert W. Baird reiterated a “neutral” rating and issued a $60.00 price target on shares of Parsons in a report on Monday, April 13th. KeyCorp downgraded Parsons from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 14th. UBS Group lowered their price target on Parsons from $104.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, February 12th. Weiss Ratings downgraded Parsons from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Finally, Barclays lowered their price target on Parsons from $78.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Parsons has an average rating of “Moderate Buy” and an average price target of $78.17.

Insider Activity at Parsons

In other Parsons news, Director George L. Ball purchased 10,000 shares of Parsons stock in a transaction on Wednesday, May 13th. The stock was bought at an average price of $50.00 per share, for a total transaction of $500,000.00. Following the transaction, the director owned 150,383 shares of the company’s stock, valued at $7,519,150. The trade was a 7.12% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Carey A. Smith purchased 12,500 shares of Parsons stock in a transaction on Friday, May 8th. The shares were acquired at an average price of $49.97 per share, with a total value of $624,625.00. Following the transaction, the chief executive officer directly owned 575,376 shares in the company, valued at $28,751,538.72. This trade represents a 2.22% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased 32,500 shares of company stock worth $1,637,325 in the last 90 days. 1.31% of the stock is currently owned by company insiders.

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.