Discovery Capital Management LLC CT Buys New Shares in Parsons Co. (NYSE:PSN)

Discovery Capital Management LLC CT purchased a new position in Parsons Co. (NYSE:PSN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 154,300 shares of the company's stock, valued at approximately $14,234,000. Discovery Capital Management LLC CT owned 0.15% of Parsons as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Parsons by 1.3% in the 4th 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 in the last quarter. Artisan Partners Limited Partnership lifted its position 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 buying an additional 1,512,812 shares during the last quarter. State Street Corp boosted its stake in Parsons by 60.6% in the third quarter. State Street Corp now owns 1,634,155 shares of the company's stock valued at $169,429,000 after buying an additional 616,707 shares in the last quarter. Principal Financial Group Inc. grew its position 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. Finally, Geode Capital Management LLC raised its stake in Parsons by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 778,892 shares of the company's stock worth $71,875,000 after acquiring an additional 6,084 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

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Analysts Set New Price Targets

A number of research firms have recently weighed in on PSN. Raymond James downgraded shares of Parsons from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. The Goldman Sachs Group cut their target price 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. William Blair upgraded Parsons from a "market perform" rating to an "outperform" rating in a research note on Tuesday, February 18th. Bank of America reduced their price objective on Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research report on Tuesday. Finally, TD Cowen downgraded Parsons from a "buy" rating to a "hold" rating and set a $105.00 target price for the company. in a research report on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Parsons has an average rating of "Moderate Buy" and an average price target of $100.50.

Parsons Trading Up 6.3 %

Shares of PSN stock traded up $3.75 on Wednesday, hitting $63.31. The company had a trading volume of 2,804,748 shares, compared to its average volume of 1,039,749. Parsons Co. has a twelve month low of $54.56 and a twelve month 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 firm has a market cap of $6.76 billion, a P/E ratio of 83.30, a P/E/G ratio of 0.93 and a beta of 0.78. The stock's 50-day moving average is $66.51 and its two-hundred day moving average is $88.42.

Parsons declared that its board has initiated a stock repurchase program on Monday, March 24th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are 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.