Alberta Investment Management Corp Has $2.62 Million Stake in Parsons Corporation (NYSE:PSN)

Key Points

• Alberta Investment Management Corp increased its stake in Parsons Corporation by 325.0% to $2.62 million, now owning a total of 44,200 shares.
• Parsons has received various analyst ratings, with an average target price of $86.20 and most recent upgrades from multiple firms, signaling positive market sentiment.
• The company's stock has a market cap of $7.88 billion and has seen a price range between $54.56 and $114.68 over the past year.

Alberta Investment Management Corp lifted its position in shares of Parsons Corporation (NYSE:PSN - Free Report) by 325.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,200 shares of the company's stock after acquiring an additional 33,800 shares during the quarter. Alberta Investment Management Corp's holdings in Parsons were worth $2,617,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of PSN. Freestone Grove Partners LP bought a new position in Parsons during the 4th quarter worth $40,318,000. Mackenzie Financial Corp raised its position in 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 last quarter. FIL Ltd bought a new position in Parsons during the 4th quarter worth $27,868,000. Invesco Ltd. raised its position in Parsons by 14.2% during the 4th quarter. Invesco Ltd. now owns 2,056,390 shares of the company's stock worth $189,702,000 after purchasing an additional 255,810 shares during the last quarter. Finally, Two Sigma Investments LP raised its position in 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 last quarter. 98.02% of the stock is owned by institutional investors.

Parsons Stock Performance

Shares of PSN opened at $73.76 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a 50-day moving average of $71.45 and a 200-day moving average of $68.72. The company has a market cap of $7.88 billion, a PE ratio of 31.12, a P/E/G ratio of 4.53 and a beta of 0.58. Parsons Corporation has a one year low of $54.56 and a one year high of $114.68.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Stifel Nicolaus assumed coverage on Parsons in a research report on Tuesday, June 24th. They set a "buy" rating and a $81.00 target price for the company. Jefferies Financial Group raised their target price on Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a research report on Wednesday, July 2nd. Bank of America lowered their target price on Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a research report on Tuesday, June 3rd. Raymond James Financial upgraded Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price target for the company in a report on Tuesday, July 8th. Finally, Truist Financial increased their price target on Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $86.20.

Parsons 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.

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