Parsons Co. (NYSE:PSN) Shares Acquired by Advisors Asset Management Inc.

Advisors Asset Management Inc. raised its position in shares of Parsons Co. (NYSE:PSN - Free Report) by 18.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,671 shares of the company's stock after acquiring an additional 4,524 shares during the quarter. Advisors Asset Management Inc.'s holdings in Parsons were worth $2,737,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Facet Wealth Inc. acquired a new stake in Parsons during the 4th quarter worth $3,040,000. Swiss National Bank boosted its position in Parsons by 0.6% during the fourth quarter. Swiss National Bank now owns 94,000 shares of the company's stock worth $8,672,000 after acquiring an additional 600 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Parsons during the 4th quarter valued at about $7,171,000. Avantax Advisory Services Inc. raised its holdings in Parsons by 6.7% in the 4th quarter. Avantax Advisory Services Inc. now owns 28,635 shares of the company's stock valued at $2,642,000 after acquiring an additional 1,794 shares during the last quarter. Finally, Channing Capital Management LLC lifted its stake in Parsons by 10.2% in the 4th quarter. Channing Capital Management LLC now owns 743,047 shares of the company's stock worth $68,546,000 after purchasing an additional 68,599 shares in the last quarter. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Trading Down 0.6 %

Shares of Parsons stock traded down $0.39 on Wednesday, reaching $61.17. The company had a trading volume of 1,048,853 shares, compared to its average volume of 1,013,908. The firm's 50 day moving average price is $70.69 and its two-hundred day moving average price is $89.86. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. Parsons Co. has a 52-week low of $54.56 and a 52-week high of $114.68. The firm has a market cap of $6.53 billion, a PE ratio of 80.49, a PEG ratio of 0.93 and a beta of 0.78.

Remove Ads

Parsons announced that its Board of Directors has authorized a share buyback plan on Monday, March 24th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. The Goldman Sachs Group cut their price target on Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. William Blair upgraded Parsons from a "market perform" rating to an "outperform" rating in a report on Tuesday, February 18th. KeyCorp dropped their price objective on shares of Parsons from $122.00 to $102.00 and set an "overweight" rating for the company in a report on Wednesday, January 8th. Jefferies Financial Group reduced their target price on shares of Parsons from $110.00 to $100.00 and set a "buy" rating on the stock in a research note on Friday, January 24th. Finally, Robert W. Baird dropped their price target on shares of Parsons from $125.00 to $78.00 and set an "outperform" rating for the company in a research note on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $99.44.

Parsons Profile

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.