Pallas Capital Advisors LLC Invests $923,000 in Parsons Corporation $PSN

Key Points

• Pallas Capital Advisors LLC has invested approximately $923,000 in Parsons Corporation, acquiring 12,854 shares during the second quarter.
• Parsons reported $0.78 EPS for the last quarter, surpassing analysts' expectations, although revenue has decreased by 5.1% compared to the previous year.
• Analysts have recently upgraded Parsons' stock ratings, with a consensus target price of $89.50 and multiple firms moving it to a "strong buy" status.

Pallas Capital Advisors LLC acquired a new stake in Parsons Corporation (NYSE:PSN - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm acquired 12,854 shares of the company's stock, valued at approximately $923,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of 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. Groupama Asset Managment purchased a new stake in shares of Parsons during the 1st quarter worth approximately $136,183,000. Mackenzie Financial Corp increased its stake in shares of 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 purchasing an additional 379,254 shares during the last quarter. Channing Capital Management LLC increased its stake in shares of 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 purchasing an additional 319,133 shares during the last quarter. Finally, SW Investment Management LLC increased its stake in shares of Parsons by 38.9% during the 1st quarter. SW Investment Management LLC now owns 500,000 shares of the company's stock worth $29,605,000 after purchasing an additional 140,000 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Price Performance

NYSE:PSN traded up $1.04 during trading hours on Tuesday, hitting $82.37. The stock had a trading volume of 86,486 shares, compared to its average volume of 1,356,181. The company has a 50 day simple moving average of $77.49 and a two-hundred day simple moving average of $69.84. 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 Corporation has a one year low of $54.56 and a one year high of $114.68. The firm has a market capitalization of $8.80 billion, a price-to-earnings ratio of 36.79, a P/E/G ratio of 4.32 and a beta of 0.63.

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 the consensus estimate of $0.74 by $0.04. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same period last year, the firm earned $0.84 EPS. The business's quarterly revenue was down 5.1% compared to the same quarter last year. Research analysts forecast that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus assumed coverage on shares of Parsons in a research note on Tuesday, June 24th. They set a "buy" rating and a $81.00 price target for the company. Baird R W upgraded shares of Parsons from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. 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. Robert W. Baird raised their price target on shares of Parsons from $92.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 17th. Finally, Zacks Research raised shares of Parsons from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Two 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 company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $89.50.

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.