Westmount Partners LLC Purchases Shares of 3,376 Parsons Corporation $PSN

Key Points

• Westmount Partners LLC acquired a new stake in Parsons Corporation, purchasing 3,376 shares valued at approximately $242,000 in the 2nd quarter.
• Recently, several hedge funds made significant investments in Parsons, with Groupama Asset Management investing $136.2 million and Mackenzie Financial increasing its holdings by 53.8%.
• Analysts have set a consensus target price of $88.70 for Parsons, with an overall rating of "Moderate Buy" based on multiple recent ratings and price adjustments.

Westmount Partners LLC purchased a new stake in Parsons Corporation (NYSE:PSN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,376 shares of the company's stock, valued at approximately $242,000.

A number of other hedge funds also recently made changes to their positions in PSN. Groupama Asset Managment bought a new stake in shares of Parsons during the 1st quarter worth $136,183,000. Mackenzie Financial Corp lifted its holdings 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 acquiring an additional 379,254 shares during the last quarter. Vanguard Group Inc. lifted its holdings 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 acquiring an additional 376,764 shares during the last quarter. Primecap Management Co. CA bought a new stake in shares of Parsons during the 1st quarter worth $19,824,000. Finally, Channing Capital Management LLC lifted its holdings 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 acquiring an additional 319,133 shares during the last quarter. 98.02% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. KeyCorp reaffirmed an "overweight" rating and set a $84.00 price objective (up from $82.00) on shares of Parsons in a report on Thursday, August 7th. Robert W. Baird upgraded shares of Parsons from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $78.00 to $92.00 in a research report on Thursday, August 7th. Bank of America decreased their price objective on shares of Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a research report on Tuesday, June 3rd. The Goldman Sachs Group reduced their price target on shares of Parsons from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Wednesday, June 4th. Finally, Truist Financial boosted their price target on shares of Parsons from $80.00 to $90.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.70.

Parsons Stock Down 0.5%

Shares of Parsons stock opened at $76.24 on Tuesday. The company has a market cap of $8.14 billion, a price-to-earnings ratio of 34.03, a price-to-earnings-growth ratio of 4.04 and a beta of 0.63. The company's 50 day moving average is $76.95 and its 200 day moving average is $69.05. Parsons Corporation has a twelve month low of $54.56 and a twelve month 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 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. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The firm's revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.84 earnings per share. Research analysts anticipate 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.

Want to see what other hedge funds are holding PSN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Parsons Corporation (NYSE:PSN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.