MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $25.41 Million Stake in Parsons Corporation $PSN

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Parsons Corporation by 61.9%, owning approximately 429,088 shares valued at about $25.4 million.
• Several analysts have upgraded Parsons' rating, with Baird R W moving it from a "hold" to a "strong-buy" rating, while Zacks Research changed its rating from "strong sell" to "hold".
• Parsons Corporation reported earnings of $0.78 per share in its latest quarter, exceeding analysts' expectations, despite a 5.1% decline in revenue compared to the previous year.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Parsons Corporation (NYSE:PSN - Free Report) by 61.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 429,088 shares of the company's stock after acquiring an additional 163,985 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.40% of Parsons worth $25,406,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased 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 purchasing an additional 376,764 shares in the last quarter. Groupama Asset Managment bought a new position in Parsons in the first quarter valued at approximately $136,183,000. Mackenzie Financial Corp boosted its holdings in shares of Parsons by 53.8% in the first quarter. Mackenzie Financial Corp now owns 1,084,288 shares of the company's stock valued at $64,201,000 after buying an additional 379,254 shares during the period. Channing Capital Management LLC increased its position in shares of Parsons by 42.9% during the first quarter. Channing Capital Management LLC now owns 1,062,180 shares of the company's stock worth $62,892,000 after acquiring an additional 319,133 shares in the last quarter. Finally, SW Investment Management LLC raised its holdings in shares of Parsons by 38.9% during the first quarter. SW Investment Management LLC now owns 500,000 shares of the company's stock worth $29,605,000 after acquiring an additional 140,000 shares during the period. Institutional investors own 98.02% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Baird R W raised shares of Parsons from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Raymond James Financial upgraded Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 target price 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. Bank of America cut their price objective on shares of Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a research report on Tuesday, June 3rd. Finally, Jefferies Financial Group raised their target price on shares of Parsons from $70.00 to $80.00 and gave the company a "hold" rating in a research report on Wednesday, July 2nd. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $88.70.

Parsons Stock Up 0.4%

Shares of NYSE:PSN traded up $0.26 during midday trading on Wednesday, hitting $74.76. The stock had a trading volume of 969,704 shares, compared to its average volume of 925,558. The company has a market cap of $7.98 billion, a P/E ratio of 33.38, a PEG ratio of 3.93 and a beta of 0.63. Parsons Corporation has a 12 month low of $54.56 and a 12 month high of $114.68. The business's 50-day simple moving average is $76.85 and its 200-day simple moving average is $68.55. 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 (NYSE:PSN - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.04. The firm had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.60 billion. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The company's revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.84 earnings per share. On average, sell-side analysts forecast 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.