Vanguard Group Inc. Boosts Holdings in Parsons Co. (NYSE:PSN)

Vanguard Group Inc. grew its position in Parsons Co. (NYSE:PSN) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,575,535 shares of the company’s stock after acquiring an additional 59,545 shares during the quarter. Vanguard Group Inc. owned about 4.31% of Parsons worth $422,093,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PSN. CIBC Asset Management Inc raised its position in Parsons by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,287 shares of the company’s stock worth $303,000 after purchasing an additional 163 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in shares of Parsons by 0.6% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 32,126 shares of the company’s stock worth $2,964,000 after buying an additional 191 shares during the period. GAMMA Investing LLC lifted its stake in shares of Parsons by 224.7% during the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock worth $29,000 after acquiring an additional 218 shares during the last quarter. Xponance Inc. boosted its holdings in Parsons by 5.0% during the 4th quarter. Xponance Inc. now owns 5,254 shares of the company’s stock valued at $485,000 after acquiring an additional 250 shares during the period. Finally, EP Wealth Advisors LLC grew its position in Parsons by 3.8% in the 3rd quarter. EP Wealth Advisors LLC now owns 7,353 shares of the company’s stock valued at $762,000 after acquiring an additional 271 shares during the last quarter. Institutional investors own 98.02% of the company’s stock.

Parsons Trading Up 6.3 %

NYSE PSN opened at $63.31 on Thursday. The firm has a market cap of $6.76 billion, a PE ratio of 83.30, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78. Parsons Co. has a 52 week low of $54.56 and a 52 week high of $114.68. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average price of $66.51 and a 200 day moving average price of $88.42.

Parsons announced that its Board of Directors has approved a stock repurchase plan on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to buy up to 3.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PSN. TD Cowen lowered shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price for the company. in a research note on Friday, February 21st. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. KeyCorp reduced their target price on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Benchmark reiterated a “buy” rating and issued a $90.00 price target on shares of Parsons in a report on Wednesday, February 26th. Finally, The Goldman Sachs Group cut their target price on shares of Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Parsons presently has an average rating of “Moderate Buy” and an average target price of $100.50.

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.