Vanguard Group Inc. Purchases 376,764 Shares of Parsons Corporation $PSN

Key Points

• Vanguard Group Inc. increased its holdings in Parsons Corporation by 8.2% during the first quarter, possessing approximately 4.63% of the company's stock valued at $293.2 million.
• Other institutional investors also boosted their stakes, with notable increases from Cerity Partners LLC (12.8%) and Mariner LLC (106.7%) in the previous quarter.
• Parsons reported earnings of $0.78 per share for its last quarter, exceeding analyst estimates, though revenue fell 5.1% year-over-year to $1.58 billion.

Vanguard Group Inc. raised its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 8.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,952,299 shares of the company's stock after acquiring an additional 376,764 shares during the period. Vanguard Group Inc. owned about 4.63% of Parsons worth $293,226,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Freestone Grove Partners LP purchased a new stake in Parsons in the 4th quarter worth about $40,318,000. Mackenzie Financial Corp grew its holdings in shares of Parsons by 53.8% during the first quarter. Mackenzie Financial Corp now owns 1,084,288 shares of the company's stock worth $64,201,000 after purchasing an additional 379,254 shares in the last quarter. Two Sigma Investments LP grew its holdings in shares of Parsons by 118.5% during the fourth quarter. Two Sigma Investments LP now owns 443,986 shares of the company's stock worth $40,958,000 after purchasing an additional 240,803 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Parsons during the first quarter worth about $12,427,000. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of Parsons by 11,272.0% during the fourth quarter. Cubist Systematic Strategies LLC now owns 193,324 shares of the company's stock worth $17,834,000 after purchasing an additional 191,624 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Bank of America dropped their target price on Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a research report on Tuesday, June 3rd. Jefferies Financial Group boosted their target price on Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a research report on Wednesday, July 2nd. The Goldman Sachs Group lowered their price objective on Parsons from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Wednesday, June 4th. Raymond James Financial upgraded Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price objective for the company in a research report on Tuesday, July 8th. Finally, Zacks Research upgraded Parsons from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $88.70.

Parsons Trading Up 0.7%

Shares of PSN traded up $0.5350 during mid-day trading on Thursday, hitting $78.4650. 120,529 shares of the company's stock traded hands, compared to its average volume of 1,389,413. The firm has a market capitalization of $8.38 billion, a P/E ratio of 35.02, a PEG ratio of 4.15 and a beta of 0.58. The business's 50-day moving average price is $74.28 and its 200-day moving average price is $68.04. Parsons Corporation has a 1 year low of $54.56 and a 1 year high of $114.68. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.47.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly 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. The company had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.60 billion. Parsons had a return on equity of 12.36% and a net margin of 3.70%.The firm's revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 earnings per share. As a group, sell-side analysts forecast that Parsons Corporation will post 3.58 EPS for the current fiscal year.

Parsons 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.