Mitsubishi UFJ Asset Management Co. Ltd. Has $1.19 Million Stock Position in Parsons Corporation (NYSE:PSN)

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 41.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,035 shares of the company's stock after buying an additional 5,828 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Parsons were worth $1,186,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PSN. Freestone Grove Partners LP acquired a new position in Parsons during the 4th quarter worth about $40,318,000. Mackenzie Financial Corp lifted its position in Parsons by 53.8% during the 1st quarter. Mackenzie Financial Corp now owns 1,084,288 shares of the company's stock worth $64,201,000 after buying an additional 379,254 shares in the last quarter. Vanguard Group Inc. raised its holdings 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 during the last quarter. Primecap Management Co. CA bought a new stake in Parsons during the 1st quarter worth about $19,824,000. Finally, Two Sigma Investments LP raised its holdings in Parsons by 118.5% during the 4th quarter. Two Sigma Investments LP now owns 443,986 shares of the company's stock worth $40,958,000 after purchasing an additional 240,803 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 opened at $81.92 on Thursday. 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 $8.75 billion, a PE ratio of 36.57, a price-to-earnings-growth ratio of 4.91 and a beta of 0.58. The stock has a 50-day moving average of $73.29 and a 200-day moving average of $68.08. Parsons Corporation has a one year low of $54.56 and a one year high of $114.68.

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. Parsons had a return on equity of 12.36% and a net margin of 3.70%. The company had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.60 billion. During the same period in the prior year, the business posted $0.84 EPS. Parsons's revenue was down 5.1% on a year-over-year basis. As a group, sell-side analysts expect that Parsons Corporation will post 3.58 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Baird R W raised Parsons from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Truist Financial boosted their price objective on Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. The Goldman Sachs Group dropped their price objective on Parsons from $90.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, June 4th. Robert W. Baird raised Parsons from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $78.00 to $92.00 in a report on Thursday, August 7th. Finally, Stifel Nicolaus assumed coverage on Parsons in a report on Tuesday, June 24th. They set a "buy" rating and a $81.00 price objective for the company. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "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.

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