AQR Arbitrage LLC Sells 42,061 Shares of Parsons Corporation $PSN

Key Points

• AQR Arbitrage LLC reduced its stake in Parsons Corporation by 58.3%, holding 30,044 shares worth approximately $1.77 million as of the latest filing.
• Parsons reported a quarterly earnings per share (EPS) of $0.78, exceeding forecasts, although revenue fell by 5.1% compared to the previous year.
• Several analysts have upgraded Parsons, with target price increases ranging from $80.00 to $92.00, indicating an overall positive outlook with a consensus rating of "Moderate Buy."

AQR Arbitrage LLC reduced its holdings in Parsons Corporation (NYSE:PSN - Free Report) by 58.3% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,044 shares of the company's stock after selling 42,061 shares during the quarter. AQR Arbitrage LLC's holdings in Parsons were worth $1,770,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PSN. ProShare Advisors LLC increased its position in shares of Parsons by 7.3% during the 4th quarter. ProShare Advisors LLC now owns 2,185 shares of the company's stock valued at $202,000 after purchasing an additional 149 shares during the last quarter. CWM LLC boosted its holdings in Parsons by 2.1% during the 1st quarter. CWM LLC now owns 7,810 shares of the company's stock valued at $462,000 after acquiring an additional 163 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in Parsons by 1.1% during the 4th quarter. Public Employees Retirement System of Ohio now owns 17,205 shares of the company's stock valued at $1,587,000 after acquiring an additional 194 shares during the period. New York State Teachers Retirement System boosted its holdings in Parsons by 1.8% during the 1st quarter. New York State Teachers Retirement System now owns 11,317 shares of the company's stock valued at $670,000 after acquiring an additional 200 shares during the period. Finally, Roanoke Asset Management Corp NY boosted its holdings in Parsons by 0.5% during the 1st quarter. Roanoke Asset Management Corp NY now owns 38,935 shares of the company's stock valued at $2,305,000 after acquiring an additional 200 shares during the period. 98.02% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PSN. Robert W. Baird upgraded Parsons from a "neutral" rating to an "outperform" rating and increased their target price for the company from $78.00 to $92.00 in a report on Thursday, August 7th. Truist Financial increased their target price on Parsons from $80.00 to $90.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Raymond James Financial upgraded Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price objective for the company in a report on Tuesday, July 8th. Zacks Research upgraded Parsons from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Finally, Jefferies Financial Group increased their price objective on Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a report on Wednesday, July 2nd. 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. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $88.70.

Parsons Stock Up 2.3%

Shares of Parsons stock traded up $1.66 during trading on Friday, hitting $75.56. The company's stock had a trading volume of 1,110,455 shares, compared to its average volume of 925,800. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.61 and a current ratio of 1.61. The company has a fifty day simple moving average of $76.73 and a two-hundred day simple moving average of $68.31. The company has a market capitalization of $8.07 billion, a PE ratio of 33.73, a P/E/G ratio of 3.99 and a beta of 0.63. Parsons Corporation has a 52 week low of $54.56 and a 52 week high of $114.68.

Parsons (NYSE:PSN - Get Free Report) last posted 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 company had revenue of $1.58 billion during 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 firm's revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the company earned $0.84 EPS. Equities research analysts predict 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.