Channing Capital Management LLC Has $62.89 Million Holdings in Parsons Corporation $PSN

Key Points

• Channing Capital Management LLC increased its stake in Parsons Corporation by 42.9%, owning 1,062,180 shares after acquiring an additional 319,133 shares in the first quarter.
• Several analysts have raised their target prices for Parsons, with Truist Financial increasing it from $80.00 to $90.00 and Baird R W upgrading the stock from a "hold" to a "strong-buy" rating.
• Parsons reported a quarterly earnings per share of $0.78, exceeding analysts' expectations, although its revenue of $1.58 billion fell short of the anticipated $1.60 billion.

Channing Capital Management LLC raised its holdings in Parsons Corporation (NYSE:PSN - Free Report) by 42.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,062,180 shares of the company's stock after buying an additional 319,133 shares during the quarter. Parsons accounts for approximately 1.9% of Channing Capital Management LLC's holdings, making the stock its 26th biggest holding. Channing Capital Management LLC owned approximately 0.99% of Parsons worth $62,892,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PSN. Groupama Asset Managment bought a new stake in Parsons in the 1st quarter valued at $136,183,000. Freestone Grove Partners LP bought a new stake in shares of Parsons in the 4th quarter valued at approximately $40,318,000. Mackenzie Financial Corp grew its stake in shares of Parsons by 53.8% in the 1st quarter. Mackenzie Financial Corp now owns 1,084,288 shares of the company's stock valued at $64,201,000 after purchasing an additional 379,254 shares during the period. Vanguard Group Inc. grew its stake in shares of Parsons by 8.2% in the 1st quarter. Vanguard Group Inc. now owns 4,952,299 shares of the company's stock valued at $293,226,000 after purchasing an additional 376,764 shares during the period. Finally, Primecap Management Co. CA bought a new stake in shares of Parsons in the 1st quarter valued at approximately $19,824,000. Institutional investors own 98.02% of the company's stock.

Parsons Trading Down 0.1%

NYSE:PSN traded down $0.1010 during trading hours on Monday, hitting $79.7190. 718,606 shares of the stock were exchanged, compared to its average volume of 1,384,867. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.47. Parsons Corporation has a twelve month low of $54.56 and a twelve month high of $114.68. The company has a market capitalization of $8.51 billion, a P/E ratio of 35.59, a price-to-earnings-growth ratio of 4.21 and a beta of 0.58. The company's 50 day moving average is $74.65 and its two-hundred day moving average is $67.93.

Parsons (NYSE:PSN - Get Free Report) last released its 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 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 prior year, the company posted $0.84 EPS. The company's revenue was down 5.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PSN has been the topic of several analyst reports. Bank of America lowered their target price on shares of Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a report on Tuesday, June 3rd. Zacks Research raised shares of Parsons from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Jefferies Financial Group upped their target price on shares of Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a report on Wednesday, July 2nd. Raymond James Financial raised shares of Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 target price on the stock in a report on Tuesday, July 8th. Finally, Stifel Nicolaus initiated coverage on shares of Parsons in a report on Tuesday, June 24th. They issued a "buy" rating and a $81.00 target price on the stock. Two research 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 company. According to data from MarketBeat, Parsons presently has an average rating of "Moderate Buy" and an average price target of $88.70.

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.