Neuberger Berman Group LLC Purchases New Position in Parsons Corporation $PSN

Key Points

• Neuberger Berman Group LLC acquired 8,989 shares of Parsons Corporation (NYSE: PSN), valued at approximately $532,000, during the 1st quarter.
• Parsons reported a quarterly earnings per share (EPS) of $0.78, exceeding analysts' expectations of $0.74, while revenue was slightly below expectations at $1.58 billion.
• Analysts have raised or modified price targets for Parsons, with Jefferies Financial Group increasing their target from $70 to $80 and a consensus target of $88.70 across multiple ratings.

Neuberger Berman Group LLC purchased a new position in shares of Parsons Corporation (NYSE:PSN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 8,989 shares of the company's stock, valued at approximately $532,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PSN. Freestone Grove Partners LP purchased a new position in shares of Parsons during the 4th quarter worth approximately $40,318,000. Mackenzie Financial Corp boosted its position in shares of Parsons by 53.8% during the 1st quarter. Mackenzie Financial Corp now owns 1,084,288 shares of the company's stock worth $64,201,000 after purchasing an additional 379,254 shares during the period. Vanguard Group Inc. boosted its position in shares of Parsons by 8.2% during 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 period. Primecap Management Co. CA purchased a new position in shares of Parsons during the 1st quarter worth approximately $19,824,000. Finally, Two Sigma Investments LP boosted its position in shares of Parsons by 118.5% during the 4th quarter. Two Sigma Investments LP now owns 443,986 shares of the company's stock worth $40,958,000 after purchasing an additional 240,803 shares during the period. Institutional investors and hedge funds own 98.02% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Raymond James Financial raised shares of Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price objective for the company in a research report on Tuesday, July 8th. Zacks Research raised shares of Parsons from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 14th. The Goldman Sachs Group lowered their price objective on shares of Parsons from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Wednesday, June 4th. Jefferies Financial Group raised their price target on shares of Parsons from $70.00 to $80.00 and gave the company a "hold" rating in a research report on Wednesday, July 2nd. Finally, Bank of America decreased their price target on shares of Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a research report on Tuesday, June 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Parsons has an average rating of "Moderate Buy" and an average price target of $88.70.

Parsons Stock Down 1.1%

Shares of Parsons stock traded down $0.90 during trading on Wednesday, hitting $77.76. 264,567 shares of the stock were exchanged, compared to its average volume of 1,394,906. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of 34.72, a price-to-earnings-growth ratio of 4.19 and a beta of 0.58. The firm's 50-day moving average price is $74.11 and its 200 day moving average price is $67.97. Parsons Corporation has a 12-month low of $54.56 and a 12-month high of $114.68. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.61 and a quick ratio of 1.61.

Parsons (NYSE:PSN - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.04. The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.60 billion. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The company's revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.84 EPS. As a group, analysts forecast 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.