TCI Wealth Advisors Inc. Purchases New Position in Parsons Corporation $PSN

Key Points

• TCI Wealth Advisors Inc. has acquired a new position in Parsons Corporation, purchasing 33,059 shares valued at approximately $2,373,000.
• Institutional investors hold a significant stake in Parsons, with 98.02% of the company's stock owned by large investors, highlighting strong institutional interest.
• Parsons recently faced a 5.1% decline in year-over-year revenue, reporting earnings per share of $0.78, which beats analyst estimates but signifies a decrease from the previous year’s $0.84 EPS.

TCI Wealth Advisors Inc. purchased a new stake in Parsons Corporation (NYSE:PSN - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 33,059 shares of the company's stock, valued at approximately $2,373,000.

Several other large investors have also added to or reduced their stakes in PSN. Groupama Asset Managment bought a new position in Parsons in the 1st quarter valued at about $136,183,000. Mackenzie Financial Corp lifted its position in shares of Parsons by 53.8% during the 1st quarter. Mackenzie Financial Corp now owns 1,084,288 shares of the company's stock worth $64,201,000 after buying an additional 379,254 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Parsons by 8.2% during the 1st quarter. Vanguard Group Inc. now owns 4,952,299 shares of the company's stock worth $293,226,000 after buying an additional 376,764 shares in the last quarter. Primecap Management Co. CA bought a new position in shares of Parsons during the 1st quarter worth approximately $19,824,000. Finally, Channing Capital Management LLC lifted its position in shares of Parsons by 42.9% during the 1st quarter. Channing Capital Management LLC now owns 1,062,180 shares of the company's stock worth $62,892,000 after buying an additional 319,133 shares in the last quarter. Institutional investors own 98.02% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PSN shares. KeyCorp reissued an "overweight" rating and set a $84.00 target price (up previously from $82.00) on shares of Parsons in a research report on Thursday, August 7th. Raymond James Financial raised shares of Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 target price on the stock in a research report on Tuesday, July 8th. Robert W. Baird lifted their target price on shares of Parsons from $92.00 to $100.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 17th. Stifel Nicolaus started coverage on shares of Parsons in a research report on Tuesday, June 24th. They set a "buy" rating and a $81.00 target price on the stock. Finally, Truist Financial lifted their target price on shares of Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $89.50.

Parsons Stock Down 1.2%

Parsons stock opened at $79.73 on Friday. Parsons Corporation has a 1-year low of $54.56 and a 1-year high of $114.68. The firm has a market capitalization of $8.51 billion, a price-to-earnings ratio of 35.59, a P/E/G ratio of 4.25 and a beta of 0.63. 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 50 day simple moving average of $77.81 and a 200 day simple moving average of $70.13.

Parsons (NYSE:PSN - Get Free Report) last released 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. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same period in the previous year, the business earned $0.84 EPS. Parsons's revenue was down 5.1% compared to the same quarter last year. On average, 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.

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