Charles Schwab Investment Management Inc. Has $26.46 Million Stock Holdings in Parsons Corporation $PSN

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Parsons Corporation by 5.1%, now holding approximately 0.42% of the company's stock valued at $26.5 million.
• Parsons Corporation reported earnings of $0.78 per share for the last quarter, exceeding analyst estimates, but experienced a 5.1% decline in year-over-year revenue.
• Analysts have set a consensus target price of $88.70 for Parsons, with several brokerages upgrading their ratings, indicating a strong outlook for the stock.

Charles Schwab Investment Management Inc. increased its position in Parsons Corporation (NYSE:PSN - Free Report) by 5.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 446,931 shares of the company's stock after purchasing an additional 21,709 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.42% of Parsons worth $26,463,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP bought a new stake in shares of Parsons in the 4th quarter valued at about $30,000. Versant Capital Management Inc bought a new position in Parsons in the 1st quarter valued at about $27,000. UMB Bank n.a. raised its holdings in Parsons by 238.7% in the 1st quarter. UMB Bank n.a. now owns 552 shares of the company's stock valued at $33,000 after acquiring an additional 389 shares during the period. Fifth Third Bancorp raised its holdings in Parsons by 1,803.4% in the 1st quarter. Fifth Third Bancorp now owns 552 shares of the company's stock valued at $33,000 after acquiring an additional 523 shares during the period. Finally, Signaturefd LLC raised its holdings in Parsons by 63.1% in the 1st quarter. Signaturefd LLC now owns 610 shares of the company's stock valued at $36,000 after acquiring an additional 236 shares during the period. 98.02% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Zacks Research raised shares of Parsons from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Baird R W raised shares of Parsons from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Jefferies Financial Group increased their price target on shares of Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a research report on Wednesday, July 2nd. Robert W. Baird upgraded shares of Parsons from a "neutral" rating to an "outperform" rating and raised their target price for the company from $78.00 to $92.00 in a research report on Thursday, August 7th. Finally, The Goldman Sachs Group cut their target price on shares of Parsons from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Wednesday, June 4th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $88.70.

Parsons Trading Up 0.2%

Parsons stock traded up $0.15 during trading hours on Monday, reaching $79.97. 281,440 shares of the company's stock were exchanged, compared to its average volume of 1,381,928. The firm has a market capitalization of $8.54 billion, a PE ratio of 35.69, a PEG ratio of 4.21 and a beta of 0.58. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.47. The firm's 50 day simple moving average is $74.65 and its 200 day simple moving average is $67.93. Parsons Corporation has a twelve month low of $54.56 and a twelve month high of $114.68.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.04. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. Parsons had a return on equity of 12.36% and a net margin of 3.70%.The company's revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.84 earnings per share. Research analysts predict that Parsons Corporation will post 3.58 earnings per share for the current year.

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.