Vertex Planning Partners LLC Takes $935,000 Position in Parsons Co. (NYSE:PSN)

Vertex Planning Partners LLC acquired a new position in shares of Parsons Co. (NYSE:PSN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 10,135 shares of the company's stock, valued at approximately $935,000.

Several other large investors also recently made changes to their positions in PSN. Norden Group LLC acquired a new position in shares of Parsons during the fourth quarter valued at about $499,000. Wolverine Asset Management LLC bought a new position in Parsons in the 4th quarter valued at about $577,000. Geode Capital Management LLC increased its holdings in Parsons by 14.0% during the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company's stock worth $80,146,000 after purchasing an additional 95,040 shares in the last quarter. Truist Financial Corp raised its stake in shares of Parsons by 12.5% in the fourth quarter. Truist Financial Corp now owns 45,253 shares of the company's stock worth $4,175,000 after purchasing an additional 5,032 shares during the last quarter. Finally, Ieq Capital LLC lifted its holdings in shares of Parsons by 676.6% in the fourth quarter. Ieq Capital LLC now owns 19,019 shares of the company's stock valued at $1,755,000 after purchasing an additional 16,570 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Performance

Parsons stock traded up $0.31 during mid-day trading on Tuesday, reaching $59.52. The company's stock had a trading volume of 209,720 shares, compared to its average volume of 1,027,370. The company has a market capitalization of $6.36 billion, a P/E ratio of 78.22, a PEG ratio of 0.93 and a beta of 0.78. The firm's fifty day moving average price is $67.87 and its two-hundred day moving average price is $88.87. Parsons Co. has a 12-month low of $54.56 and a 12-month high of $114.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29.

Remove Ads

Parsons declared that its Board of Directors has approved a share 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 typically an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have commented on PSN. Bank of America dropped their target price on shares of Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research report on Tuesday. William Blair upgraded Parsons from a "market perform" rating to an "outperform" rating in a report on Tuesday, February 18th. Raymond James downgraded Parsons from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. The Goldman Sachs Group lowered their target price on Parsons from $109.00 to $98.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Finally, Benchmark restated a "buy" rating and set a $90.00 price target on shares of Parsons in a research report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.