TD Asset Management Inc Purchases 29,312 Shares of Parsons Corporation $PSN

Key Points

• TD Asset Management Inc increased its ownership of Parsons Corporation by 83.3% during the 2nd quarter, now holding 64,516 shares valued at approximately $4.63 million.
• Parsons Corp's shares opened at $85.16 and recently saw a 2.9% rise, with a market cap of $9.09 billion and a P/E ratio of 38.02.
• Several analysts have boosted their price targets for Parsons, with an average target of $91.40 and ratings ranging from "Moderate Buy" to "Strong Buy."

TD Asset Management Inc raised its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 83.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 64,516 shares of the company's stock after purchasing an additional 29,312 shares during the period. TD Asset Management Inc owned 0.06% of Parsons worth $4,630,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Signaturefd LLC boosted its holdings in shares of Parsons by 63.1% during the 1st quarter. Signaturefd LLC now owns 610 shares of the company's stock valued at $36,000 after purchasing an additional 236 shares during the last quarter. Banque Transatlantique SA bought a new position in shares of Parsons during the 1st quarter valued at about $34,000. NewEdge Advisors LLC boosted its holdings in shares of Parsons by 38.0% during the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company's stock valued at $57,000 after purchasing an additional 264 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Parsons by 229.5% during the 1st quarter. GAMMA Investing LLC now owns 1,038 shares of the company's stock valued at $61,000 after purchasing an additional 723 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Parsons by 433.9% during the 1st quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company's stock valued at $75,000 after purchasing an additional 1,024 shares during the last quarter. Institutional investors own 98.02% of the company's stock.

Parsons Stock Up 2.9%

Shares of NYSE:PSN opened at $85.16 on Tuesday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.47. Parsons Corporation has a 12 month low of $54.56 and a 12 month high of $114.68. The company has a 50-day moving average price of $81.10 and a 200 day moving average price of $73.35. The company has a market cap of $9.09 billion, a price-to-earnings ratio of 38.02, a PEG ratio of 4.35 and a beta of 0.64.

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, 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 company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same period in the prior year, the company posted $0.84 EPS. The firm's revenue for the quarter was down 5.1% on a year-over-year basis. As a group, equities research analysts predict that Parsons Corporation will post 3.58 earnings per share for the current year.

Analysts Set New Price Targets

PSN has been the subject of several research reports. KeyCorp increased their price objective on shares of Parsons from $87.00 to $93.00 and gave the company an "overweight" rating in a report on Monday. Jefferies Financial Group increased their price objective on shares of Parsons from $70.00 to $80.00 and gave the company a "hold" rating in a report on Wednesday, July 2nd. Robert W. Baird increased their price target on shares of Parsons from $92.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, September 17th. Baird R W raised shares of Parsons from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Finally, Truist Financial increased their price target on shares of Parsons from $90.00 to $100.00 and gave the company a "buy" rating in a report on Tuesday, September 30th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Parsons has an average rating of "Moderate Buy" and an average price target of $91.40.

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.

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