Norges Bank Invests $59.45 Million in Parsons Co. (NYSE:PSN)

Norges Bank purchased a new position in shares of Parsons Co. (NYSE:PSN - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 644,408 shares of the company's stock, valued at approximately $59,447,000. Norges Bank owned 0.61% of Parsons as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Artisan Partners Limited Partnership boosted its stake in shares of Parsons by 271.6% in the fourth 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. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Parsons by 0.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 14,207 shares of the company's stock worth $1,311,000 after purchasing an additional 131 shares in the last quarter. FineMark National Bank & Trust purchased a new stake in Parsons in the 4th quarter worth approximately $219,000. Congress Wealth Management LLC DE acquired a new stake in shares of Parsons during the 4th quarter worth approximately $1,537,000. Finally, Vanguard Group Inc. increased its holdings in shares of Parsons by 1.3% during 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. Hedge funds and other institutional investors own 98.02% of the company's stock.

Analyst Ratings Changes

PSN has been the topic of a number of recent analyst reports. The Goldman Sachs Group lowered their price target on shares of Parsons from $109.00 to $98.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Robert W. Baird dropped their target price on Parsons from $125.00 to $78.00 and set an "outperform" rating on the stock in a research report on Thursday, February 20th. Benchmark restated a "buy" rating and issued a $90.00 price target on shares of Parsons in a research note on Wednesday, February 26th. 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 research report on Friday, January 24th. Finally, Bank of America dropped their price objective on Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $100.50.

Parsons Price Performance

Shares of NYSE:PSN traded up $0.45 during trading on Tuesday, reaching $59.33. The stock had a trading volume of 1,769,216 shares, compared to its average volume of 1,050,985. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. Parsons Co. has a 1-year low of $54.56 and a 1-year high of $114.68. The stock has a market cap of $6.33 billion, a PE ratio of 78.06, a PEG ratio of 0.93 and a beta of 0.66. The business has a fifty day moving average price of $64.19 and a 200-day moving average price of $87.05.

Parsons announced that its board has initiated a share buyback program on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

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.