Arrowstreet Capital Limited Partnership Raises Position in Parsons Co. (NYSE:PSN)

Arrowstreet Capital Limited Partnership raised its stake in Parsons Co. (NYSE:PSN - Free Report) by 117.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,304 shares of the company's stock after acquiring an additional 25,046 shares during the quarter. Arrowstreet Capital Limited Partnership's holdings in Parsons were worth $4,272,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of PSN. Vanguard Group Inc. lifted its stake in Parsons by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 4,575,535 shares of the company's stock valued at $422,093,000 after purchasing an additional 59,545 shares during the last quarter. Artisan Partners Limited Partnership grew its stake in shares of Parsons by 271.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company's stock worth $190,932,000 after acquiring an additional 1,512,812 shares during the period. State Street Corp increased its holdings in 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 acquiring an additional 616,707 shares during the last quarter. Principal Financial Group Inc. raised its stake in Parsons by 18.1% in the 3rd 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 period. Finally, Geode Capital Management LLC boosted its position in Parsons by 14.0% during the third 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 during the period. 98.02% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. TD Cowen lowered shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 price target on the stock. in a research report on Friday, February 21st. Benchmark reaffirmed a "buy" rating and issued a $90.00 price target on shares of Parsons in a report on Wednesday, February 26th. William Blair raised Parsons from a "market perform" rating to an "outperform" rating in a report on Tuesday, February 18th. Raymond James lowered 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 shares of Parsons from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Parsons currently has an average rating of "Moderate Buy" and a consensus target price of $96.50.

Parsons Price Performance

Shares of NYSE PSN traded down $0.47 during mid-day trading on Monday, reaching $64.14. 49,872 shares of the company were exchanged, compared to its average volume of 1,060,356. Parsons Co. has a 52 week low of $54.56 and a 52 week high of $114.68. The company's 50 day moving average price is $63.01 and its 200 day moving average price is $85.97. The stock has a market capitalization of $6.85 billion, a PE ratio of 84.11, a PEG ratio of 0.93 and a beta of 0.66. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31.

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

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.