Franklin Resources Inc. grew its stake in Parsons Co. (NYSE:PSN - Free Report) by 6.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 640,666 shares of the company's stock after purchasing an additional 39,595 shares during the period. Franklin Resources Inc. owned approximately 0.60% of Parsons worth $59,101,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CIBC Private Wealth Group LLC acquired a new stake in Parsons during the fourth quarter worth about $25,000. ORG Wealth Partners LLC purchased a new stake in shares of Parsons during the 4th quarter valued at approximately $26,000. GAMMA Investing LLC lifted its holdings in Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company's stock valued at $29,000 after acquiring an additional 218 shares during the last quarter. Principal Securities Inc. purchased a new position in Parsons in the fourth quarter worth approximately $33,000. Finally, R Squared Ltd acquired a new stake in Parsons during the fourth quarter worth $38,000. Institutional investors and hedge funds own 98.02% of the company's stock.
Analyst Ratings Changes
Several equities analysts have recently commented on PSN shares. The Goldman Sachs Group decreased their price objective 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. William Blair upgraded Parsons from a "market perform" rating to an "outperform" rating in a research note on Tuesday, February 18th. Bank of America cut their price objective on Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a report on Tuesday. Benchmark restated a "buy" rating and set a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. Finally, Jefferies Financial Group reduced their price target 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. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $100.50.
Check Out Our Latest Report on PSN
Parsons Price Performance
Shares of NYSE:PSN traded down $2.15 on Friday, reaching $58.93. 1,601,428 shares of the company were exchanged, compared to its average volume of 1,045,408. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31. Parsons Co. has a 1-year low of $54.56 and a 1-year high of $114.68. The company has a 50-day moving average of $65.52 and a 200-day moving average of $87.96. The firm has a market cap of $6.29 billion, a price-to-earnings ratio of 77.54, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66.
Parsons announced that its board has initiated a share buyback plan on Monday, March 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.
Parsons Profile
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Free Report)
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.
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