Comerica Bank Reduces Stock Holdings in Parsons Corporation $PSN

Key Points

• Comerica Bank has significantly reduced its stake in Parsons Corporation by 56.7%, resulting in ownership of 24,213 shares valued at approximately $1.43 million.
• Parsons reported a 0.78 earnings per share for the most recent quarter, surpassing estimates, although its revenue declined 5.1% year-over-year.
• Several analysts have upgraded Parsons' stock ratings, with target prices reaching up to $90.00, indicating a generally positive outlook despite recent challenges.

Comerica Bank lowered its stake in Parsons Corporation (NYSE:PSN - Free Report) by 56.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,213 shares of the company's stock after selling 31,743 shares during the quarter. Comerica Bank's holdings in Parsons were worth $1,434,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in shares of Parsons by 4.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,790 shares of the company's stock valued at $2,564,000 after acquiring an additional 1,265 shares during the period. Northern Trust Corp lifted its stake in Parsons by 15.1% in the 4th quarter. Northern Trust Corp now owns 363,551 shares of the company's stock worth $33,538,000 after purchasing an additional 47,698 shares in the last quarter. AXA S.A. boosted its holdings in Parsons by 539.8% in the 4th quarter. AXA S.A. now owns 74,926 shares of the company's stock valued at $6,912,000 after purchasing an additional 63,215 shares during the period. Aptus Capital Advisors LLC increased its holdings in shares of Parsons by 4.9% in the fourth quarter. Aptus Capital Advisors LLC now owns 5,694 shares of the company's stock worth $525,000 after purchasing an additional 264 shares during the period. Finally, Captrust Financial Advisors increased its holdings in shares of Parsons by 2.8% in the fourth quarter. Captrust Financial Advisors now owns 11,030 shares of the company's stock worth $1,018,000 after purchasing an additional 298 shares during the period. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Trading Up 2.3%

Parsons stock traded up $1.66 during mid-day trading on Friday, hitting $75.56. The company's stock had a trading volume of 1,110,455 shares, compared to its average volume of 925,800. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.61 and a quick ratio of 1.61. The stock has a market cap of $8.07 billion, a price-to-earnings ratio of 33.73, a price-to-earnings-growth ratio of 3.90 and a beta of 0.63. The business has a 50 day moving average price of $76.73 and a 200-day moving average price of $68.31. Parsons Corporation has a 12 month low of $54.56 and a 12 month high of $114.68.

Parsons (NYSE:PSN - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.74 by $0.04. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. Parsons had a return on equity of 12.36% and a net margin of 3.70%.The company's quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.84 earnings per share. As a group, analysts forecast that Parsons Corporation will post 3.58 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PSN shares. 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 research note on Tuesday, July 8th. Baird R W upgraded Parsons from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Robert W. Baird upgraded shares of Parsons from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $78.00 to $92.00 in a research report on Thursday, August 7th. KeyCorp reaffirmed an "overweight" rating and issued a $84.00 target price (up from $82.00) on shares of Parsons in a research note on Thursday, August 7th. Finally, Bank of America cut their price target on shares of Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a research note on Tuesday, June 3rd. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Parsons has an average rating of "Moderate Buy" and a consensus price target of $88.70.

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.