Intrinsic Edge Capital Management LLC Lowers Position in Parsons Co. (NYSE:PSN)

Intrinsic Edge Capital Management LLC decreased its position in shares of Parsons Co. (NYSE:PSN - Free Report) by 44.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,171 shares of the company's stock after selling 40,000 shares during the period. Intrinsic Edge Capital Management LLC's holdings in Parsons were worth $4,536,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Two Sigma Securities LLC bought a new position in shares of Parsons during the 4th quarter valued at $205,000. Nebula Research & Development LLC bought a new position in shares of Parsons during the fourth quarter valued at about $841,000. Voya Investment Management LLC grew its stake in shares of Parsons by 2.5% during the fourth quarter. Voya Investment Management LLC now owns 400,289 shares of the company's stock valued at $36,927,000 after buying an additional 9,587 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Parsons by 5.2% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,069,175 shares of the company's stock worth $98,631,000 after buying an additional 52,522 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Parsons by 4.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,790 shares of the company's stock valued at $2,564,000 after acquiring an additional 1,265 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Price Performance

NYSE:PSN traded up $0.48 during trading hours on Tuesday, hitting $68.80. 1,752,643 shares of the stock traded hands, compared to its average volume of 1,095,042. The company has a market cap of $7.35 billion, a price-to-earnings ratio of 90.53, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66. 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 50 day moving average price of $60.97 and a 200 day moving average price of $82.87. Parsons Co. has a 1 year low of $54.56 and a 1 year high of $114.68.

Parsons declared that its board has authorized a share repurchase program on Monday, March 24th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group cut their price target on shares of Parsons from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, January 24th. Bank of America cut their target price on Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. KeyCorp lowered their price target on Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Raymond James lowered Parsons from an "outperform" rating to a "market perform" rating in a research report on Thursday, January 2nd. Finally, William Blair upgraded Parsons from a "market perform" rating to an "outperform" rating in a report on Tuesday, February 18th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $93.60.

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.