Parsons Corporation (NYSE:PSN) Shares Purchased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in Parsons Corporation by 53.8%, owning 1,084,288 shares valued at approximately $64.2 million as of the latest SEC filing.
• Parsons Corporation's stock is currently trading at $75.25, with a market capitalization of $8.04 billion and a P/E ratio of 31.75.
• Recent analysts' ratings reflect a positive outlook for Parsons, with a mix of buy and strong buy ratings, and an average price target of $86.20.

Mackenzie Financial Corp raised its holdings in shares of Parsons Corporation (NYSE:PSN - Free Report) by 53.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,084,288 shares of the company's stock after acquiring an additional 379,254 shares during the quarter. Mackenzie Financial Corp owned approximately 1.01% of Parsons worth $64,201,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC purchased a new position in Parsons during the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd purchased a new position in Parsons during the 4th quarter valued at about $25,000. Huntington National Bank increased its holdings in Parsons by 28,900.0% during the 4th quarter. Huntington National Bank now owns 290 shares of the company's stock valued at $27,000 after acquiring an additional 289 shares in the last quarter. Quarry LP acquired a new stake in shares of Parsons during the 4th quarter worth about $30,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Parsons during the 4th quarter worth about $34,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PSN shares. Raymond James Financial raised shares of Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price target on the stock in a research note on Tuesday, July 8th. Truist Financial raised their price target on shares of Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Baird R W cut shares of Parsons from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Stifel Nicolaus started coverage on shares of Parsons in a research note on Tuesday, June 24th. They set a "buy" rating and a $81.00 price target on the stock. Finally, Robert W. Baird cut shares of Parsons from an "outperform" rating to a "neutral" rating and decreased their price target for the stock from $72.00 to $69.00 in a research note on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $86.20.

Parsons Trading Down 0.4%

PSN stock traded down $0.29 during midday trading on Friday, reaching $73.91. 380,205 shares of the company's stock traded hands, compared to its average volume of 1,419,097. The company has a market capitalization of $7.90 billion, a P/E ratio of 31.19, a PEG ratio of 4.61 and a beta of 0.55. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.29. Parsons Corporation has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The business has a 50-day moving average price of $71.30 and a two-hundred day moving average price of $69.05.

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.