Wealth Enhancement Advisory Services LLC Boosts Holdings in Parsons Corporation $PSN

Key Points

• Wealth Enhancement Advisory Services LLC increased its holdings in Parsons Corporation by 489.7% during the second quarter, owning 45,887 shares valued at approximately $3.43 million.
• Several hedge funds also boosted their stakes, with Groupama Asset Management investing $136.18 million in Parsons in the first quarter, while Vanguard Group increased its stake by 8.2%.
• Analyst consensus ratings for Parsons indicate a Moderate Buy rating with a price target of around $89.50, following recent upgrades from multiple financial institutions.

Wealth Enhancement Advisory Services LLC grew its position in shares of Parsons Corporation (NYSE:PSN - Free Report) by 489.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,887 shares of the company's stock after purchasing an additional 38,105 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Parsons were worth $3,433,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PSN. Groupama Asset Managment purchased a new stake in shares of Parsons during the first quarter valued at approximately $136,183,000. Mackenzie Financial Corp increased its stake in shares of Parsons by 53.8% in the first 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 during the last quarter. Vanguard Group Inc. increased its stake in shares of Parsons by 8.2% in the first 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 during the last quarter. Primecap Management Co. CA bought a new stake in shares of Parsons in the first quarter worth $19,824,000. Finally, Channing Capital Management LLC increased its stake in shares of Parsons by 42.9% in the first 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 during the last quarter. Hedge funds and other institutional investors own 98.02% of the company's stock.

Analyst Ratings Changes

PSN has been the subject of a number of research analyst reports. Raymond James Financial upgraded shares of Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price target for the company in a research note on Tuesday, July 8th. Truist Financial lifted their price target on shares of Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Jefferies Financial Group lifted their price target on shares of Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a research note on Wednesday, July 2nd. Robert W. Baird lifted their price target on shares of Parsons from $92.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 17th. Finally, Zacks Research upgraded shares of Parsons from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $89.50.

Parsons Stock Up 2.2%

PSN stock opened at $81.43 on Friday. 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 1-year low of $54.56 and a 1-year high of $114.68. The firm has a fifty day moving average price of $77.92 and a two-hundred day moving average price of $70.30. The firm has a market cap of $8.70 billion, a price-to-earnings ratio of 36.35, a PEG ratio of 4.20 and a beta of 0.63.

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, beating the consensus estimate of $0.74 by $0.04. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the previous year, the firm earned $0.84 earnings per share. The firm's revenue for the quarter was down 5.1% compared to the same quarter last year. Research analysts predict that Parsons Corporation will post 3.58 EPS 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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