Artisan Partners Limited Partnership Boosts Holdings in Parsons Co. (NYSE:PSN)

Artisan Partners Limited Partnership lifted its holdings in shares of Parsons Co. (NYSE:PSN - Free Report) by 271.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,069,724 shares of the company's stock after buying an additional 1,512,812 shares during the period. Artisan Partners Limited Partnership owned about 1.95% of Parsons worth $190,932,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Norden Group LLC purchased a new position in Parsons in the fourth quarter worth $499,000. Wolverine Asset Management LLC acquired a new stake in shares of Parsons in the fourth quarter valued at about $577,000. Geode Capital Management LLC lifted its stake in shares of Parsons by 14.0% in the third quarter. Geode Capital Management LLC now owns 772,808 shares of the company's stock valued at $80,146,000 after purchasing an additional 95,040 shares during the period. Truist Financial Corp grew its position in Parsons by 12.5% during the fourth quarter. Truist Financial Corp now owns 45,253 shares of the company's stock worth $4,175,000 after buying an additional 5,032 shares during the period. Finally, Ieq Capital LLC increased its holdings in 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 buying an additional 16,570 shares in the last quarter. 98.02% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on PSN. William Blair upgraded Parsons from a "market perform" rating to an "outperform" rating in a report on Tuesday, February 18th. Benchmark reissued a "buy" rating and issued a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. Jefferies Financial Group cut their price target on Parsons from $110.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, January 24th. TD Cowen cut shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective on the stock. in a research note on Friday, February 21st. Finally, The Goldman Sachs Group cut their target price on shares of Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $99.44.

Remove Ads

Parsons Trading Down 0.8 %

Shares of PSN traded down $0.50 on Monday, hitting $58.92. 127,585 shares of the stock traded hands, compared to its average volume of 1,497,030. Parsons Co. has a 1 year low of $54.56 and a 1 year high of $114.68. The stock's 50 day moving average is $68.59 and its two-hundred day moving average is $89.12. The firm has a market capitalization of $6.29 billion, a P/E ratio of 77.53, a P/E/G ratio of 0.93 and a beta of 0.78. 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 announced that its board has initiated a stock repurchase program on Monday, March 24th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to buy up to 3.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

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.