Parsons Corporation $PSN Stake Lowered by Mackenzie Financial Corp

Mackenzie Financial Corp cut its stake in Parsons Corporation (NYSE:PSN) by 5.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,032,184 shares of the company’s stock after selling 54,175 shares during the quarter. Mackenzie Financial Corp owned approximately 0.97% of Parsons worth $85,589,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. AQR Capital Management LLC grew its stake in Parsons by 151.5% in the second quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock valued at $75,173,000 after purchasing an additional 639,481 shares in the last quarter. Cooper Creek Partners Management LLC purchased a new stake in shares of Parsons during the 2nd quarter worth about $45,653,000. Norges Bank purchased a new stake in shares of Parsons during the 2nd quarter worth about $37,131,000. Frontier Capital Management Co. LLC lifted its holdings in shares of Parsons by 568.4% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 510,525 shares of the company’s stock valued at $36,640,000 after buying an additional 434,142 shares during the last quarter. Finally, SG Capital Management LLC acquired a new stake in shares of Parsons during the 2nd quarter valued at about $23,212,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Stock Performance

Shares of NYSE PSN opened at $58.85 on Thursday. The business’s 50-day simple moving average is $67.12 and its 200-day simple moving average is $74.44. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.75 and a current ratio of 1.75. Parsons Corporation has a 52 week low of $56.27 and a 52 week high of $89.50. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of 26.75, a P/E/G ratio of 1.85 and a beta of 0.68.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, February 11th. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.06). Parsons had a return on equity of 11.81% and a net margin of 3.79%.The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the firm posted $0.78 earnings per share. The firm’s revenue for the quarter was down 7.5% compared to the same quarter last year. As a group, equities research analysts expect that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PSN shares. Barclays boosted their price target on Parsons from $70.00 to $78.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Robert W. Baird reduced their target price on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating for the company in a research note on Monday, December 8th. UBS Group decreased their target price on shares of Parsons from $104.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. KeyCorp dropped their price target on shares of Parsons from $80.00 to $73.00 and set an “overweight” rating on the stock in a research note on Thursday, February 12th. Finally, Zacks Research lowered shares of Parsons from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 18th. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.42.

Parsons Profile

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, construction, technical and professional services firm. The company delivers end-to-end solutions that span feasibility studies, design and engineering, construction management, system integration and ongoing operations support. Parsons serves both government and commercial clients and focuses on critical infrastructure, defense, security, intelligence and environmental programs.

Core services include program and construction management for transportation systems, water and environmental infrastructure, cybersecurity and advanced systems integration.