Aigen Investment Management LP Purchases 7,532 Shares of Parsons Corporation (NYSE:PSN)

Key Points

• Aigen Investment Management LP significantly increased its stake in Parsons Corporation by 228.7% in Q1, now owning 10,825 shares valued at $641,000.
• Parsons Corporation reported an EPS of $0.78, exceeding estimates, while revenue fell 5.1% year-over-year to $1.58 billion.
• Analysts have a positive outlook on Parsons, with eight buy ratings and an average price target of $88.70 following favorable upgrades from multiple financial institutions.

Aigen Investment Management LP increased its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 228.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,825 shares of the company's stock after buying an additional 7,532 shares during the quarter. Aigen Investment Management LP's holdings in Parsons were worth $641,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PSN. First Command Advisory Services Inc. bought a new stake in shares of Parsons in the 1st quarter worth approximately $385,000. New York State Teachers Retirement System boosted its holdings in Parsons by 1.8% in the first quarter. New York State Teachers Retirement System now owns 11,317 shares of the company's stock worth $670,000 after purchasing an additional 200 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in Parsons by 152.0% during the first quarter. Janney Montgomery Scott LLC now owns 9,195 shares of the company's stock valued at $544,000 after acquiring an additional 5,546 shares during the period. GAMMA Investing LLC lifted its stake in shares of Parsons by 19,411.1% in the first quarter. GAMMA Investing LLC now owns 61,460 shares of the company's stock valued at $3,639,000 after buying an additional 61,145 shares during the period. Finally, Keybank National Association OH raised its position in Parsons by 6,690.0% in the first quarter. Keybank National Association OH now owns 192,905 shares of the company's stock worth $11,422,000 after purchasing an additional 190,064 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Jefferies Financial Group lifted their price target on shares of Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a research report on Wednesday, July 2nd. KeyCorp reiterated an "overweight" rating and set a $84.00 price objective (up from $82.00) on shares of Parsons in a research report on Thursday, August 7th. The Goldman Sachs Group decreased 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. Raymond James Financial raised shares of Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price objective on the stock in a research note on Tuesday, July 8th. Finally, Baird R W upgraded shares of Parsons from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $88.70.

Parsons Stock Down 0.2%

Shares of PSN stock traded down $0.13 during trading hours on Friday, reaching $79.52. The company had a trading volume of 535,697 shares, compared to its average volume of 1,407,258. The company has a market capitalization of $8.49 billion, a P/E ratio of 35.44, a price-to-earnings-growth ratio of 5.02 and a beta of 0.58. Parsons Corporation has a twelve month low of $54.56 and a twelve month high of $114.68. 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 stock's fifty day simple moving average is $73.52 and its 200 day simple moving average is $68.05.

Parsons (NYSE:PSN - Get Free Report) last issued 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 return on equity of 12.36% and a net margin of 3.70%. The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same period last year, the company posted $0.84 EPS. The firm's quarterly revenue was down 5.1% on a year-over-year basis. As a group, sell-side analysts expect that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

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.