Parsons Corporation $PSN Shares Purchased by AlphaQuest LLC

Key Points

• AlphaQuest LLC significantly increased its stake in Parsons Corporation by 658.8% in Q1, now owning a total of 4,310 shares valued at approximately $255,000.
• Parsons reported $0.78 earnings per share for the last quarter, beating estimates, although revenue declined by 5.1% year-over-year.
• Brokerages have shown positive sentiment towards Parsons, with multiple upgrades leading to a consensus rating of "Moderate Buy" and an average price target of $88.70.

AlphaQuest LLC grew its holdings in Parsons Corporation (NYSE:PSN - Free Report) by 658.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,310 shares of the company's stock after purchasing an additional 3,742 shares during the period. AlphaQuest LLC's holdings in Parsons were worth $255,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. ProShare Advisors LLC increased its holdings in shares of Parsons by 7.3% in the 4th quarter. ProShare Advisors LLC now owns 2,185 shares of the company's stock worth $202,000 after purchasing an additional 149 shares in the last quarter. CWM LLC grew its holdings in shares of Parsons by 2.1% in the first quarter. CWM LLC now owns 7,810 shares of the company's stock worth $462,000 after acquiring an additional 163 shares during the period. Public Employees Retirement System of Ohio grew its holdings in shares of Parsons by 1.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 17,205 shares of the company's stock worth $1,587,000 after acquiring an additional 194 shares during the period. New York State Teachers Retirement System grew its holdings in shares of 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 acquiring an additional 200 shares during the period. Finally, Roanoke Asset Management Corp NY grew its holdings in shares of Parsons by 0.5% in the first quarter. Roanoke Asset Management Corp NY now owns 38,935 shares of the company's stock worth $2,305,000 after acquiring an additional 200 shares during the period. Institutional investors own 98.02% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on PSN shares. KeyCorp reaffirmed an "overweight" rating and issued a $84.00 price objective (up previously from $82.00) on shares of Parsons in a report on Thursday, August 7th. Raymond James Financial raised Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price objective for the company in a report on Tuesday, July 8th. The Goldman Sachs Group cut their price objective on Parsons from $90.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, June 4th. Zacks Research upgraded Parsons from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 14th. Finally, Baird R W upgraded Parsons from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Two 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $88.70.

Parsons Price Performance

Shares of Parsons stock traded down $2.92 during trading hours on Thursday, hitting $75.77. The company's stock had a trading volume of 517,456 shares, compared to its average volume of 1,362,729. The business has a 50 day moving average price of $76.58 and a two-hundred day moving average price of $68.27. Parsons Corporation has a 12-month low of $54.56 and a 12-month high of $114.68. The company has a market cap of $8.09 billion, a PE ratio of 33.88, a PEG ratio of 4.22 and a beta of 0.63. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.61 and a current ratio of 1.61.

Parsons (NYSE:PSN - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.78 EPS for the quarter, topping 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 company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the previous year, the business earned $0.84 earnings per share. The firm's revenue for the quarter was down 5.1% on a year-over-year basis. 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.