Groupama Asset Managment Buys Shares of 2,300,000 Parsons Corporation $PSN

Key Points

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Groupama Asset Managment bought a new position in shares of Parsons Corporation (NYSE:PSN - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,300,000 shares of the company's stock, valued at approximately $136,183,000. Parsons accounts for about 1.1% of Groupama Asset Managment's holdings, making the stock its 21st largest position. Groupama Asset Managment owned about 2.15% of Parsons at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PSN. Quarry LP acquired a new stake in shares of Parsons in the fourth quarter valued at $30,000. Versant Capital Management Inc acquired a new position in shares of Parsons during the first quarter worth about $27,000. UMB Bank n.a. increased its stake in shares of Parsons by 238.7% during the first quarter. UMB Bank n.a. now owns 552 shares of the company's stock worth $33,000 after buying an additional 389 shares during the period. Fifth Third Bancorp raised its holdings in Parsons by 1,803.4% in the first quarter. Fifth Third Bancorp now owns 552 shares of the company's stock valued at $33,000 after acquiring an additional 523 shares in the last quarter. Finally, Signaturefd LLC grew its holdings in Parsons by 63.1% during the 1st quarter. Signaturefd LLC now owns 610 shares of the company's stock worth $36,000 after acquiring an additional 236 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Price Performance

Shares of PSN traded up $1.2920 during mid-day trading on Friday, hitting $79.9220. The company's stock had a trading volume of 1,014,975 shares, compared to its average volume of 1,389,031. The firm has a 50-day simple moving average of $74.65 and a 200 day simple moving average of $68.06. Parsons Corporation has a 1-year low of $54.56 and a 1-year high of $114.68. The firm has a market capitalization of $8.54 billion, a P/E ratio of 35.68, a P/E/G ratio of 4.11 and a beta of 0.58. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.47.

Parsons (NYSE:PSN - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter last year, the firm posted $0.84 EPS. The business's revenue was down 5.1% compared to the same quarter last year. Analysts predict that Parsons Corporation will post 3.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PSN shares. Jefferies Financial Group upped their price objective on Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a research report on Wednesday, July 2nd. Robert W. Baird raised Parsons from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $78.00 to $92.00 in a report on Thursday, August 7th. Baird R W upgraded Parsons from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. KeyCorp reissued an "overweight" rating and issued a $84.00 price objective (up from $82.00) on shares of Parsons in a report on Thursday, August 7th. Finally, Truist Financial increased their price target on shares of Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $88.70.

Parsons Company Profile

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.