New Age Alpha Advisors LLC Invests $3 Million in Parsons Co. (NYSE:PSN)

New Age Alpha Advisors LLC acquired a new stake in shares of Parsons Co. (NYSE:PSN - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 32,475 shares of the company's stock, valued at approximately $2,996,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Artisan Partners Limited Partnership increased its position in Parsons by 271.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company's stock worth $190,932,000 after purchasing an additional 1,512,812 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Parsons during the 4th quarter worth $63,417,000. Norges Bank purchased a new position in shares of Parsons in the 4th quarter worth $59,447,000. State Street Corp raised its position in shares of Parsons by 60.6% in the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company's stock worth $169,429,000 after buying an additional 616,707 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Parsons by 18.1% in the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company's stock valued at $123,685,000 after acquiring an additional 183,117 shares during the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Stock Up 0.5 %

Shares of NYSE PSN traded up $0.31 during midday trading on Tuesday, reaching $59.52. 818,379 shares of the company's stock were exchanged, compared to its average volume of 1,029,717. The stock has a market capitalization of $6.36 billion, a PE ratio of 78.32, 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 debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The business's fifty day moving average price is $67.87 and its two-hundred day moving average price is $88.87.

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Parsons declared that its board has approved a stock buyback plan on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase 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.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. KeyCorp cut their price objective on Parsons from $122.00 to $102.00 and set an "overweight" rating on the stock in a report on Wednesday, January 8th. The Goldman Sachs Group reduced their price target 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. Bank of America dropped their price objective on shares of Parsons from $130.00 to $110.00 and set a "buy" rating for the company in a research report on Tuesday. Raymond James lowered shares of Parsons from an "outperform" rating to a "market perform" rating in a report on Thursday, January 2nd. Finally, Jefferies Financial Group lowered their price target on Parsons from $110.00 to $100.00 and set a "buy" rating for the company in a report on Friday, January 24th. 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, the stock presently 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.