Parsons Corporation $PSN Shares Acquired by Graham Capital Management L.P.

Key Points

• Graham Capital Management L.P. increased its stock position in Parsons Corporation by 163.8% in the first quarter, owning a total of 26,892 shares valued at approximately $1.59 million.
• Parsons Corporation reported an EPS of $0.78 for the last quarter, beating analyst estimates, although its revenue of $1.58 billion was down 5.1% year-over-year.
• Multiple research firms have upgraded Parsons' stock ratings, with a consensus target price of $88.70, reflecting a generally positive outlook among analysts.

Graham Capital Management L.P. grew its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 163.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,892 shares of the company's stock after purchasing an additional 16,699 shares during the quarter. Graham Capital Management L.P.'s holdings in Parsons were worth $1,592,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSN. Groupama Asset Managment acquired a new stake in Parsons during the first quarter worth approximately $136,183,000. Mackenzie Financial Corp raised its holdings in Parsons by 53.8% during the first 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 in the last quarter. Vanguard Group Inc. grew its stake in Parsons by 8.2% during the 1st quarter. Vanguard Group Inc. now owns 4,952,299 shares of the company's stock worth $293,226,000 after buying an additional 376,764 shares during the last quarter. Primecap Management Co. CA purchased a new position in Parsons during the 1st quarter worth approximately $19,824,000. Finally, Channing Capital Management LLC grew its stake in Parsons by 42.9% during the 1st quarter. Channing Capital Management LLC now owns 1,062,180 shares of the company's stock worth $62,892,000 after buying an additional 319,133 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

Parsons Stock Performance

Shares of PSN stock traded up $1.66 during midday trading on Friday, hitting $75.56. The company had a trading volume of 1,110,455 shares, compared to its average volume of 925,800. The company's 50 day simple moving average is $76.73 and its 200 day simple moving average is $68.31. Parsons Corporation has a 52-week low of $54.56 and a 52-week high of $114.68. The stock has a market cap of $8.07 billion, a price-to-earnings ratio of 33.73, a PEG ratio of 3.99 and a beta of 0.63. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.61 and a quick ratio of 1.61.

Parsons (NYSE:PSN - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.74 by $0.04. The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period last year, the firm earned $0.84 EPS. Research 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 a number of research reports. KeyCorp restated an "overweight" rating and set a $84.00 price target (up previously from $82.00) on shares of Parsons in a research note on Thursday, August 7th. Robert W. Baird upgraded Parsons from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $78.00 to $92.00 in a research note on Thursday, August 7th. Truist Financial raised their price target on Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. The Goldman Sachs Group dropped their price target on Parsons from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Wednesday, June 4th. Finally, Bank of America dropped their price target on Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a research note on Tuesday, June 3rd. 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $88.70.

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.