Granite Investment Partners LLC Lowers Stock Position in Parsons Corporation $PSN

Granite Investment Partners LLC reduced its position in shares of Parsons Corporation (NYSE:PSN) by 73.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 50,429 shares of the company’s stock after selling 138,282 shares during the period. Granite Investment Partners LLC’s holdings in Parsons were worth $2,732,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its stake in Parsons by 2.8% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,900 shares of the company’s stock valued at $590,000 after buying an additional 300 shares during the last quarter. Swedbank AB lifted its position 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 buying an additional 1,335,102 shares in the last quarter. LVZ Inc. boosted its stake in shares of Parsons by 6.1% in the 1st quarter. LVZ Inc. now owns 7,419 shares of the company’s stock worth $402,000 after buying an additional 427 shares during the last quarter. New York State Teachers Retirement System boosted its stake in shares of Parsons by 12.7% in the 1st quarter. New York State Teachers Retirement System now owns 13,370 shares of the company’s stock worth $724,000 after buying an additional 1,508 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Parsons in the first quarter valued at approximately $4,634,000. 98.02% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Carey A. Smith purchased 12,500 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were purchased 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 of the company’s stock, valued at approximately $28,751,538.72. This represents a 2.22% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark Keith Holdsworth purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average cost of $51.27 per share, for a total transaction of $512,700.00. Following the transaction, the director directly owned 39,918 shares in the company, valued at approximately $2,046,595.86. The trade was a 33.42% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 32,500 shares of company stock valued at $1,637,325 over the last ninety days. 1.31% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PSN has been the subject of a number of research analyst reports. Robert W. Baird reaffirmed a “neutral” rating and set a $60.00 price target on shares of Parsons in a research report on Monday, April 13th. BNP Paribas Exane set a $65.00 price objective on Parsons and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Zacks Research upgraded Parsons from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. Citigroup upped their price objective on Parsons from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 1st. Finally, KeyCorp lowered Parsons from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 14th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Parsons currently has an average rating of “Moderate Buy” and an average price target of $75.82.

Parsons Stock Down 1.3%

PSN opened at $55.91 on Friday. Parsons Corporation has a twelve month low of $46.88 and a twelve month high of $89.50. The company’s 50-day moving average price is $54.02 and its two-hundred day moving average price is $59.14. The stock has a market cap of $5.98 billion, a price-to-earnings ratio of 26.75, a PEG ratio of 1.78 and a beta of 0.66. 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 issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.09. The company had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.50 billion. Parsons had a net margin of 3.62% and a return on equity of 11.52%. Parsons’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 EPS. As a group, equities analysts expect that Parsons Corporation will post 2.97 earnings per share for the current year.

Parsons Company 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.