Needham Investment Management LLC Purchases 15,250 Shares of Parsons Corporation $PSN

Key Points

• Needham Investment Management LLC has increased its stake in Parsons Corporation by 5.5%, holding a total of 292,250 shares valued at approximately $17.3 million.
• Parsons Corporation reported earnings of $0.78 per share, exceeding estimates, but experienced a 5.1% decline in revenue compared to the previous year.
• The stock has received mixed analyst ratings, with a consensus rating of "Moderate Buy" and an average price target of $88.70.

Needham Investment Management LLC grew its position in Parsons Corporation (NYSE:PSN - Free Report) by 5.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 292,250 shares of the company's stock after acquiring an additional 15,250 shares during the quarter. Parsons accounts for about 1.6% of Needham Investment Management LLC's holdings, making the stock its 19th largest position. Needham Investment Management LLC owned 0.27% of Parsons worth $17,304,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Parsons by 8.2% in the 1st quarter. Vanguard Group Inc. now owns 4,952,299 shares of the company's stock worth $293,226,000 after acquiring an additional 376,764 shares during the period. Groupama Asset Managment acquired a new position in shares of Parsons in the 1st quarter worth approximately $136,183,000. Mackenzie Financial Corp raised its holdings in shares of Parsons by 53.8% in 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. Channing Capital Management LLC raised its holdings in shares of Parsons by 42.9% in 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 in the last quarter. Finally, SW Investment Management LLC raised its holdings in shares of Parsons by 38.9% in the 1st quarter. SW Investment Management LLC now owns 500,000 shares of the company's stock worth $29,605,000 after buying an additional 140,000 shares in the last quarter. Institutional investors own 98.02% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PSN. The Goldman Sachs Group dropped their target price 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 increased their target price for the stock from $78.00 to $92.00 in a report on Thursday, August 7th. Baird R W raised Parsons from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Bank of America dropped their target price on Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a report on Tuesday, June 3rd. Finally, Raymond James Financial raised Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 target price for the company in a report on Tuesday, July 8th. Two investment 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $88.70.

Parsons Price Performance

PSN stock traded up $0.26 during midday trading on Wednesday, reaching $74.76. 969,688 shares of the company's stock traded hands, compared to its average volume of 1,362,620. The company has a 50-day simple moving average of $76.83 and a two-hundred day simple moving average of $68.51. Parsons Corporation has a 1-year low of $54.56 and a 1-year high of $114.68. The company has a market cap of $7.98 billion, a price-to-earnings ratio of 33.38, a PEG ratio of 3.95 and a beta of 0.63. 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 released its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share 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 firm had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.60 billion. During the same period last year, the firm posted $0.84 EPS. The business's revenue was down 5.1% on a year-over-year basis. On average, analysts anticipate that Parsons Corporation will post 3.58 earnings per share for the current 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.