Royal Bank of Canada Raises Holdings in Parsons Corporation $PSN

Royal Bank of Canada grew its position in Parsons Corporation (NYSE:PSN - Free Report) by 7.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 460,497 shares of the company's stock after buying an additional 32,666 shares during the quarter. Royal Bank of Canada owned 0.43% of Parsons worth $27,266,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PSN. Northern Trust Corp raised its position in shares of Parsons by 15.1% in the 4th quarter. Northern Trust Corp now owns 363,551 shares of the company's stock worth $33,538,000 after acquiring an additional 47,698 shares in the last quarter. Captrust Financial Advisors raised its position in shares of Parsons by 2.8% in the 4th quarter. Captrust Financial Advisors now owns 11,030 shares of the company's stock worth $1,018,000 after acquiring an additional 298 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Parsons by 16.8% in the 4th quarter. Cetera Investment Advisers now owns 8,328 shares of the company's stock worth $768,000 after acquiring an additional 1,199 shares in the last quarter. Ethic Inc. raised its position in shares of Parsons by 141.5% in the 4th quarter. Ethic Inc. now owns 7,427 shares of the company's stock worth $685,000 after acquiring an additional 4,352 shares in the last quarter. Finally, Graham Capital Management L.P. raised its position in shares of Parsons by 417.9% in the 4th quarter. Graham Capital Management L.P. now owns 10,193 shares of the company's stock worth $940,000 after acquiring an additional 8,225 shares in the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Stock Performance

Shares of PSN stock traded up $0.26 during mid-day trading on Wednesday, reaching $74.76. The stock had a trading volume of 969,704 shares, compared to its average volume of 1,362,620. The business's fifty day moving average is $76.83 and its 200-day moving average is $68.51. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.47. The firm 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. Parsons Corporation has a 1-year low of $54.56 and a 1-year high of $114.68.

Parsons (NYSE:PSN - Get Free Report) last announced its quarterly earnings data 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. The business 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% on a year-over-year basis. During the same period in the prior year, the company earned $0.84 earnings per share. On average, research analysts forecast that Parsons Corporation will post 3.58 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on PSN. KeyCorp reissued an "overweight" rating and issued a $84.00 price target (up from $82.00) on shares of Parsons in a research report on Thursday, August 7th. Bank of America reduced their price target on Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a research report on Tuesday, June 3rd. Baird R W raised Parsons from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Truist Financial boosted their price target on Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Stifel Nicolaus assumed coverage on Parsons in a research report on Tuesday, June 24th. They set a "buy" rating and a $81.00 target price on the stock. 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.com, Parsons currently has a consensus rating of "Moderate Buy" and a consensus price target of $88.70.

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.