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

Discovery Capital Management LLC CT bought 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 firm bought 154,300 shares of the company's stock, valued at approximately $14,234,000. Discovery Capital Management LLC CT owned approximately 0.15% of Parsons as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Norden Group LLC bought a new position in shares of Parsons during the 4th quarter valued at about $499,000. Wolverine Asset Management LLC bought a new stake in Parsons during the fourth quarter worth approximately $577,000. Geode Capital Management LLC grew its position in Parsons by 14.0% in the third quarter. Geode Capital Management LLC now owns 772,808 shares of the company's stock worth $80,146,000 after buying an additional 95,040 shares during the last quarter. Truist Financial Corp increased its holdings in shares of Parsons by 12.5% in the fourth quarter. Truist Financial Corp now owns 45,253 shares of the company's stock valued at $4,175,000 after buying an additional 5,032 shares in the last quarter. Finally, Ieq Capital LLC increased its holdings in shares of 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.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Bank of America decreased their target price on Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a report on Tuesday. Raymond James downgraded Parsons from an "outperform" rating to a "market perform" rating in a report on Thursday, January 2nd. Robert W. Baird reduced 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. Jefferies Financial Group dropped their target price on shares of Parsons from $110.00 to $100.00 and set a "buy" rating on the stock in a research report on Friday, January 24th. Finally, Benchmark restated a "buy" rating and issued a $90.00 price target on shares of Parsons in a research report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Parsons currently has an average rating of "Moderate Buy" and an average target price of $100.50.

Parsons Stock Down 3.5 %

Shares of NYSE PSN traded down $2.15 during mid-day trading on Friday, reaching $58.93. The company had a trading volume of 1,601,428 shares, compared to its average volume of 1,045,403. The stock has a market capitalization of $6.29 billion, a PE ratio of 77.54, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66. 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 stock's 50 day moving average is $65.52 and its 200-day moving average is $87.96.

Parsons declared that its board has approved a share repurchase program on Monday, March 24th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Parsons Company 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.