Scientech Research LLC Invests $841,000 in Parsons Corporation $PSN

Scientech Research LLC purchased a new position in shares of Parsons Corporation (NYSE:PSN) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 14,201 shares of the company’s stock, valued at approximately $841,000.

A number of other hedge funds have also recently made changes to their positions in PSN. Vanguard Group Inc. lifted its stake in Parsons by 8.2% during the first quarter. Vanguard Group Inc. now owns 4,952,299 shares of the company’s stock worth $293,226,000 after purchasing an additional 376,764 shares in the last quarter. Groupama Asset Managment purchased a new position in Parsons in the first quarter valued at $136,183,000. Mackenzie Financial Corp increased its holdings in Parsons by 53.8% in the first quarter. Mackenzie Financial Corp now owns 1,084,288 shares of the company’s stock valued at $64,201,000 after buying an additional 379,254 shares during the last quarter. Channing Capital Management LLC lifted its position in Parsons by 42.9% in the first quarter. Channing Capital Management LLC now owns 1,062,180 shares of the company’s stock valued at $62,892,000 after acquiring an additional 319,133 shares during the last quarter. Finally, SW Investment Management LLC lifted its position in Parsons by 38.9% in the first quarter. SW Investment Management LLC now owns 500,000 shares of the company’s stock valued at $29,605,000 after acquiring an additional 140,000 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Stock Performance

Parsons stock opened at $75.56 on Monday. Parsons Corporation has a 12-month low of $54.56 and a 12-month high of $114.68. The company has a market capitalization of $8.07 billion, a price-to-earnings ratio of 33.73, a price-to-earnings-growth ratio of 3.99 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. The firm’s fifty day moving average price is $76.73 and its 200 day moving average price is $68.36.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the previous year, the firm posted $0.84 EPS. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. On average, research analysts forecast that Parsons Corporation will post 3.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PSN. The Goldman Sachs Group reduced their price target on shares of Parsons from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, June 4th. Robert W. Baird raised shares of Parsons from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $78.00 to $92.00 in a report on Thursday, August 7th. KeyCorp reaffirmed an “overweight” rating and issued a $84.00 target price (up from $82.00) on shares of Parsons in a report on Thursday, August 7th. Raymond James Financial upgraded shares of Parsons from a “market perform” rating to a “strong-buy” rating and set a $90.00 price target on the stock in a research report on Tuesday, July 8th. Finally, Truist Financial lifted their target price 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. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $88.70.

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.