KLP Kapitalforvaltning AS Takes $932,000 Position in Parsons Co. (NYSE:PSN)

KLP Kapitalforvaltning AS bought a new position in Parsons Co. (NYSE:PSN - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,100 shares of the company's stock, valued at approximately $932,000.

Other hedge funds also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in Parsons in the 4th quarter worth $63,417,000. State Street Corp raised 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 worth $169,429,000 after buying an additional 616,707 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Parsons by 18.1% in the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company's stock worth $123,685,000 after buying an additional 183,117 shares during the period. FMR LLC lifted its holdings in Parsons by 391.4% in the third quarter. FMR LLC now owns 195,850 shares of the company's stock worth $20,306,000 after buying an additional 155,991 shares during the period. Finally, Van ECK Associates Corp boosted its position in Parsons by 39.1% during the 4th quarter. Van ECK Associates Corp now owns 502,178 shares of the company's stock valued at $46,326,000 after acquiring an additional 141,282 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Stock Up 6.3 %

Parsons stock traded up $3.75 during trading hours on Wednesday, hitting $63.31. The stock had a trading volume of 2,804,748 shares, compared to its average volume of 1,039,749. The stock's 50-day moving average price is $67.14 and its 200-day moving average price is $88.59. Parsons Co. has a 12-month low of $54.56 and a 12-month high of $114.68. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $6.76 billion, a P/E ratio of 83.30, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78.

Remove Ads

Parsons declared that its Board of Directors has initiated a share repurchase plan on Monday, March 24th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. William Blair raised Parsons from a "market perform" rating to an "outperform" rating in a research report on Tuesday, February 18th. Jefferies Financial Group decreased their price objective on Parsons from $110.00 to $100.00 and set a "buy" rating for the company in a report on Friday, January 24th. Robert W. Baird dropped their target price on shares of Parsons from $125.00 to $78.00 and set an "outperform" rating on the stock in a report on Thursday, February 20th. Raymond James lowered shares of Parsons from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. Finally, The Goldman Sachs Group dropped their price objective on shares of Parsons from $109.00 to $98.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Two investment analysts have rated the stock with a hold rating and nine have given 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 $100.50.

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.