Parsons Co. (NYSE:PSN) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC grew its holdings in Parsons Co. (NYSE:PSN - Free Report) by 0.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 778,892 shares of the company's stock after acquiring an additional 6,084 shares during the quarter. Geode Capital Management LLC owned 0.73% of Parsons worth $71,875,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norden Group LLC purchased a new stake in Parsons during the 4th quarter worth approximately $499,000. Wolverine Asset Management LLC purchased a new position in Parsons in the 4th quarter worth $577,000. Truist Financial Corp grew its stake in Parsons by 12.5% during the 4th quarter. Truist Financial Corp now owns 45,253 shares of the company's stock valued at $4,175,000 after purchasing an additional 5,032 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Parsons by 15.4% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 86,149 shares of the company's stock valued at $8,052,000 after purchasing an additional 11,520 shares during the period. Finally, Ieq Capital LLC raised its stake in shares of Parsons by 676.6% in the fourth quarter. Ieq Capital LLC now owns 19,019 shares of the company's stock worth $1,755,000 after purchasing an additional 16,570 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Price Performance

PSN stock traded up $0.77 during trading on Thursday, hitting $65.30. The stock had a trading volume of 204,266 shares, compared to its average volume of 1,065,021. Parsons Co. has a twelve month low of $54.56 and a twelve month high of $114.68. The company's 50-day moving average price is $62.24 and its two-hundred day moving average price is $85.40. 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 stock has a market capitalization of $6.97 billion, a P/E ratio of 86.01, a PEG ratio of 0.93 and a beta of 0.66.

Parsons announced that its Board of Directors has initiated a share buyback program on Monday, March 24th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Jefferies Financial Group dropped their target price on Parsons from $110.00 to $100.00 and set a "buy" rating on the stock in a research report on Friday, January 24th. Robert W. Baird cut their price target on Parsons from $125.00 to $78.00 and set an "outperform" rating on the stock in a research report on Thursday, February 20th. TD Cowen downgraded Parsons from a "buy" rating to a "hold" rating and set a $105.00 target price on the stock. in a research note on Friday, February 21st. Raymond James cut Parsons from an "outperform" rating to a "market perform" rating in a research report on Thursday, January 2nd. Finally, William Blair raised shares of Parsons from a "market perform" rating to an "outperform" rating in a research note on Tuesday, February 18th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $93.60.

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.