Parsons Corporation $PSN Shares Bought by Quarry LP

Key Points

• Quarry LP significantly increased its stake in Parsons Corporation by 2,129.2%, owning 7,178 shares worth $425,000 at the end of the quarter.
• Vanguard Group and other institutional investors have also expanded their holdings, with Vanguard owning 4,952,299 shares valued at approximately $293 million.
• Wall Street analysts have varied opinions on Parsons' stock, with two analysts rating it as a Strong Buy and the consensus target price set at $88.70.

Quarry LP raised its position in Parsons Corporation (NYSE:PSN - Free Report) by 2,129.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,178 shares of the company's stock after purchasing an additional 6,856 shares during the period. Quarry LP's holdings in Parsons were worth $425,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PSN. Groupama Asset Managment purchased a new position in Parsons in the 1st quarter valued at about $136,183,000. Mackenzie Financial Corp lifted its holdings in Parsons by 53.8% in the 1st quarter. Mackenzie Financial Corp now owns 1,084,288 shares of the company's stock valued at $64,201,000 after purchasing an additional 379,254 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Parsons by 8.2% in the 1st quarter. Vanguard Group Inc. now owns 4,952,299 shares of the company's stock valued at $293,226,000 after purchasing an additional 376,764 shares in the last quarter. Primecap Management Co. CA purchased a new position in Parsons in the 1st quarter valued at about $19,824,000. Finally, Channing Capital Management LLC lifted its holdings in Parsons by 42.9% in the 1st quarter. Channing Capital Management LLC now owns 1,062,180 shares of the company's stock valued at $62,892,000 after purchasing an additional 319,133 shares in the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Trading Down 6.0%

PSN traded down $4.69 on Thursday, reaching $73.99. 2,000,901 shares of the company's stock were exchanged, compared to its average volume of 1,371,979. The company's 50 day moving average is $76.58 and its 200-day moving average is $68.27. The company has a market cap of $7.90 billion, a price-to-earnings ratio of 33.03, a PEG ratio of 4.22 and a beta of 0.63. Parsons Corporation has a twelve month low of $54.56 and a twelve month high of $114.68. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.61 and a current ratio of 1.61.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings data 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. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter last year, the company earned $0.84 earnings per share. Parsons's revenue for the quarter was down 5.1% on a year-over-year basis. Equities analysts predict that Parsons Corporation will post 3.58 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PSN. Jefferies Financial Group increased their price objective on shares of Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a report on Wednesday, July 2nd. Baird R W upgraded shares of Parsons from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. KeyCorp reiterated an "overweight" rating and set a $84.00 price objective (up from $82.00) on shares of Parsons in a report on Thursday, August 7th. Truist Financial increased their price objective on shares of Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, Raymond James Financial upgraded shares of Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price objective on the stock in a report on Tuesday, July 8th. Two equities research 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $88.70.

About Parsons

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.