Congress Wealth Management LLC DE Makes New Investment in Parsons Co. (NYSE:PSN)

Congress Wealth Management LLC DE purchased a new stake in shares of Parsons Co. (NYSE:PSN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 16,664 shares of the company's stock, valued at approximately $1,537,000.

Other hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in shares of Parsons during the fourth quarter worth about $63,417,000. State Street Corp raised 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 valued at $169,429,000 after acquiring an additional 616,707 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Parsons by 18.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company's stock worth $123,685,000 after acquiring an additional 183,117 shares during the period. FMR LLC raised its position in shares of Parsons by 391.4% during the 3rd quarter. FMR LLC now owns 195,850 shares of the company's stock valued at $20,306,000 after buying an additional 155,991 shares during the period. Finally, Van ECK Associates Corp grew its holdings in shares of Parsons by 39.1% during the 4th quarter. Van ECK Associates Corp now owns 502,178 shares of the company's stock worth $46,326,000 after purchasing an additional 141,282 shares during the period. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Price Performance

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 1,031,534. Parsons Co. has a 1-year low of $54.56 and a 1-year high of $114.68. The stock has a market capitalization of $6.36 billion, a PE ratio of 78.32, a P/E/G ratio of 0.93 and a beta of 0.78. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. The business's 50-day moving average price is $67.14 and its 200 day moving average price is $88.59.

Remove Ads

Parsons announced that its Board of Directors has approved a share repurchase plan on Monday, March 24th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

PSN has been the subject of several analyst reports. Raymond James cut Parsons from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. Robert W. Baird decreased their price objective 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. William Blair upgraded shares of Parsons from a "market perform" rating to an "outperform" rating in a research report on Tuesday, February 18th. Jefferies Financial Group lowered their price target on Parsons from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, January 24th. Finally, Benchmark reaffirmed a "buy" rating and set a $90.00 price objective 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's stock. According to MarketBeat.com, Parsons currently has an average rating of "Moderate Buy" and a consensus target price of $100.50.

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.