Twin Tree Management LP Acquires New Holdings in Parsons Corporation $PSN

Key Points

• Twin Tree Management LP has acquired 37,344 shares of Parsons Corporation (PSN), valued at approximately $2.2 million, during the first quarter.
• Parsons' stock saw analyst upgrades, including a revised price target from $78.00 to $92.00 by Robert W. Baird, and current consensus rating is a "Moderate Buy" with an average price target of $88.70.
• For the latest quarter, Parsons reported $0.78 earnings per share, surpassing estimates, although revenue declined 5.1% year-over-year.

Twin Tree Management LP bought a new position in shares of Parsons Corporation (NYSE:PSN - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 37,344 shares of the company's stock, valued at approximately $2,211,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quarry LP bought a new position in shares of Parsons during the 4th quarter worth approximately $30,000. Versant Capital Management Inc bought a new position in shares of Parsons during the 1st quarter worth approximately $27,000. UMB Bank n.a. boosted its stake in shares of Parsons by 238.7% during the 1st quarter. UMB Bank n.a. now owns 552 shares of the company's stock worth $33,000 after acquiring an additional 389 shares during the period. Fifth Third Bancorp boosted its stake in shares of Parsons by 1,803.4% during the 1st quarter. Fifth Third Bancorp now owns 552 shares of the company's stock worth $33,000 after acquiring an additional 523 shares during the period. Finally, Signaturefd LLC boosted its stake in shares of Parsons by 63.1% during the 1st quarter. Signaturefd LLC now owns 610 shares of the company's stock worth $36,000 after acquiring an additional 236 shares during the period. 98.02% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Robert W. Baird upgraded 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. Baird R W upgraded Parsons from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Bank of America lowered their price objective on Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a research report on Tuesday, June 3rd. KeyCorp reiterated an "overweight" rating and set a $84.00 price objective (up previously from $82.00) on shares of Parsons in a research report on Thursday, August 7th. Finally, Stifel Nicolaus began coverage on Parsons in a research report on Tuesday, June 24th. They set a "buy" rating and a $81.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $88.70.

Parsons Price Performance

NYSE:PSN traded up $1.66 during mid-day trading on Friday, reaching $75.56. The stock had a trading volume of 1,110,455 shares, compared to its average volume of 925,800. The stock has a 50-day simple moving average of $76.73 and a two-hundred day simple moving average of $68.29. The stock has a market capitalization of $8.07 billion, a PE ratio of 33.73, a P/E/G ratio of 3.90 and a beta of 0.63. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.61 and a quick ratio of 1.61. Parsons Corporation has a 12 month low of $54.56 and a 12 month high of $114.68.

Parsons (NYSE:PSN - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.04. Parsons had a return on equity of 12.36% and a net margin of 3.70%.The firm 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 company earned $0.84 earnings per share. The company's quarterly revenue was down 5.1% on a year-over-year basis. On average, equities analysts anticipate 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.