Hsbc Holdings PLC Invests $629,000 in Parsons Corporation $PSN

Key Points

• Hsbc Holdings PLC purchased 10,676 shares of Parsons Corporation (NYSE:PSN), valued at approximately $629,000, strengthening its institutional investment in the company.
• Analysts are optimistic about Parsons' performance, with Raymond James Financial upgrading it to a "strong-buy" rating and a target price of **$90.00**, while the company has a consensus rating of "Moderate Buy."
• Parsons reported earnings of $0.78 per share for the last quarter, beating expectations by $0.04, but saw a 5.1% decline in revenue year-over-year, totaling $1.58 billion.

Hsbc Holdings PLC purchased a new stake in Parsons Corporation (NYSE:PSN - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 10,676 shares of the company's stock, valued at approximately $629,000.

Several other institutional investors have also modified their holdings of PSN. First Command Advisory Services Inc. bought a new position in Parsons during the 1st quarter valued at $385,000. Vanguard Group Inc. grew its position in Parsons by 8.2% in the 1st quarter. Vanguard Group Inc. now owns 4,952,299 shares of the company's stock worth $293,226,000 after purchasing an additional 376,764 shares during the last quarter. New York State Teachers Retirement System boosted its position in Parsons by 1.8% during the 1st quarter. New York State Teachers Retirement System now owns 11,317 shares of the company's stock worth $670,000 after acquiring an additional 200 shares during the period. Charles Schwab Investment Management Inc. grew its position in Parsons by 5.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 446,931 shares of the company's stock valued at $26,463,000 after buying an additional 21,709 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in Parsons by 34.7% during the first quarter. Deutsche Bank AG now owns 41,869 shares of the company's stock worth $2,479,000 after purchasing an additional 10,776 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on PSN shares. Robert W. Baird upgraded shares of Parsons from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $78.00 to $92.00 in a report on Thursday, August 7th. Jefferies Financial Group lifted their target price on shares of Parsons from $70.00 to $80.00 and gave the company a "hold" rating in a research note on Wednesday, July 2nd. Raymond James Financial upgraded Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price objective on the stock in a report on Tuesday, July 8th. Zacks Research raised Parsons from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Finally, The Goldman Sachs Group decreased their price target on shares of Parsons from $90.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, June 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Parsons presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.70.

Parsons Price Performance

Parsons stock traded down $4.36 on Thursday, reaching $74.32. The company's stock had a trading volume of 899,082 shares, compared to its average volume of 1,364,938. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.61 and a current ratio of 1.61. The company has a market cap of $7.94 billion, a price-to-earnings ratio of 33.18, a PEG ratio of 4.22 and a beta of 0.63. Parsons Corporation has a twelve month low of $54.56 and a twelve month high of $114.68. The business's fifty day moving average price is $76.58 and its 200 day moving average price is $68.27.

Parsons (NYSE:PSN - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.74 by $0.04. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the previous year, the firm posted $0.84 earnings per share. The company's revenue was down 5.1% on a year-over-year basis. Equities analysts expect that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

About Parsons

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.