T. Rowe Price Investment Management Inc. Has $94.02 Million Stock Position in Parsons Corporation $PSN

Key Points

• T. Rowe Price Investment Management Inc. reduced its stake in Parsons Corporation by 14.3%, owning 1.49% of the company valued at $94.02 million after selling 265,111 shares in the first quarter.
• Several institutional investors, including Janney Montgomery Scott LLC and Mitsubishi UFJ Asset Management Co. Ltd., increased their holdings in Parsons during the same quarter, reflecting growing institutional interest.
• Analysts have mixed views on Parsons' stock, with a consensus rating of "Moderate Buy" and an average target price of $88.70, following various adjustments in their price objectives.

T. Rowe Price Investment Management Inc. reduced its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 14.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,587,945 shares of the company's stock after selling 265,111 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 1.49% of Parsons worth $94,023,000 as of its most recent filing with the SEC.

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

Parsons Stock Down 0.1%

NYSE PSN traded down $0.1010 during trading hours on Monday, reaching $79.7190. 718,606 shares of the company's stock were exchanged, compared to its average volume of 1,384,871. The company's 50-day moving average is $74.65 and its two-hundred day moving average is $67.93. Parsons Corporation has a one year low of $54.56 and a one year 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. The company has a market capitalization of $8.51 billion, a price-to-earnings ratio of 35.59, a price-to-earnings-growth ratio of 4.21 and a beta of 0.58.

Parsons (NYSE:PSN - Get Free Report) last posted its 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 return on equity of 12.36% and a net margin of 3.70%.The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.60 billion. During the same period in the prior year, the business earned $0.84 EPS. Parsons's revenue for the quarter was down 5.1% compared to the same quarter last year. On average, analysts forecast that Parsons Corporation will post 3.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PSN. Baird R W upgraded shares of Parsons from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Bank of America dropped their price objective on Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a report on Tuesday, June 3rd. The Goldman Sachs Group dropped their price objective on Parsons from $90.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, June 4th. Robert W. Baird raised Parsons from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $78.00 to $92.00 in a report on Thursday, August 7th. Finally, Raymond James Financial raised 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. Two investment 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 company presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.70.

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.