PDT Partners LLC Grows Stock Holdings in Parsons Corporation $PSN

Key Points

• PDT Partners LLC significantly increased its stake in Parsons Corporation by 174.3% in the first quarter, holding approximately 85,003 shares valued at about $5 million.
• Parsons reported earnings of $0.78 per share, surpassing analyst expectations, although its revenue of $1.58 billion represented a 5.1% decline year-over-year.
• Research analysts have upgraded their ratings on Parsons, with two analysts issuing a Strong Buy rating and a consensus price target of $88.70.

PDT Partners LLC increased its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 174.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,003 shares of the company's stock after acquiring an additional 54,012 shares during the quarter. PDT Partners LLC owned about 0.08% of Parsons worth $5,033,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSN. Stifel Financial Corp raised its stake in Parsons by 2.7% during the 4th quarter. Stifel Financial Corp now owns 25,478 shares of the company's stock worth $2,350,000 after acquiring an additional 662 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Parsons by 4.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,790 shares of the company's stock worth $2,564,000 after acquiring an additional 1,265 shares in the last quarter. Quarry LP acquired a new stake in Parsons during the 4th quarter worth $30,000. Northern Trust Corp increased its stake in Parsons by 15.1% in the fourth quarter. Northern Trust Corp now owns 363,551 shares of the company's stock valued at $33,538,000 after purchasing an additional 47,698 shares during the period. Finally, Schonfeld Strategic Advisors LLC boosted its stake in shares of Parsons by 968.0% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 26,700 shares of the company's stock worth $2,463,000 after buying an additional 24,200 shares during the period. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PSN has been the subject of several recent research reports. Jefferies Financial Group increased their target price on shares of Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a research note on Wednesday, July 2nd. Robert W. Baird upgraded shares of 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 research note on Thursday, August 7th. Zacks Research upgraded shares of Parsons from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 14th. Baird R W upgraded shares of Parsons from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Finally, Truist Financial increased their target price 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. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $88.70.

Parsons Stock Performance

Shares of Parsons stock traded up $1.66 on Friday, reaching $75.56. 1,110,455 shares of the stock were exchanged, compared to its average volume of 925,800. Parsons Corporation has a 1-year low of $54.56 and a 1-year high of $114.68. 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 business has a fifty day moving average price of $76.73 and a two-hundred day moving average price of $68.29. The firm has a market capitalization of $8.07 billion, a PE ratio of 33.73, a PEG ratio of 3.90 and a beta of 0.63.

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, topping analysts' consensus estimates of $0.74 by $0.04. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same period in the previous year, the business posted $0.84 earnings per share. The business's revenue was down 5.1% compared to the same quarter last year. As a group, research analysts anticipate that Parsons Corporation will post 3.58 earnings per share for the current fiscal 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.