Northern Trust Corp Has $21.18 Million Stock Position in Parsons Corporation $PSN

Northern Trust Corp reduced its stake in shares of Parsons Corporation (NYSE:PSN) by 1.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 357,705 shares of the company’s stock after selling 5,846 shares during the period. Northern Trust Corp owned approximately 0.33% of Parsons worth $21,180,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in 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 buying an additional 376,764 shares during the period. Mackenzie Financial Corp raised its holdings in 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 buying an additional 379,254 shares during the period. SW Investment Management LLC raised its holdings in Parsons by 38.9% during the 1st quarter. SW Investment Management LLC now owns 500,000 shares of the company’s stock worth $29,605,000 after buying an additional 140,000 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Parsons by 5.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 446,931 shares of the company’s stock worth $26,463,000 after buying an additional 21,709 shares during the period. Finally, Two Sigma Investments LP raised its holdings in Parsons by 118.5% during the 4th quarter. Two Sigma Investments LP now owns 443,986 shares of the company’s stock worth $40,958,000 after buying an additional 240,803 shares during the period. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on PSN. Truist Financial raised 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. Baird R W raised shares of Parsons from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Bank of America decreased their price target on shares of Parsons from $100.00 to $95.00 and set a “buy” rating for the company in a research note on Tuesday, June 3rd. The Goldman Sachs Group decreased their price target on shares of Parsons from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, June 4th. Finally, Stifel Nicolaus began coverage on shares of Parsons in a research note on Tuesday, June 24th. They set a “buy” rating and a $81.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $88.70.

Parsons Price Performance

Shares of PSN opened at $80.21 on Tuesday. The company has a market cap of $8.57 billion, a price-to-earnings ratio of 35.81, a PEG ratio of 4.22 and a beta of 0.63. Parsons Corporation has a 1-year low of $54.56 and a 1-year high of $114.68. The company’s fifty day simple moving average is $76.13 and its 200 day simple moving average is $68.11. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.47.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.04. The business 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% on a year-over-year basis. During the same period in the previous year, the company earned $0.84 earnings per share. On average, research analysts forecast that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

About Parsons

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.