21,528 Shares in Parsons Co. (NYSE:PSN) Acquired by Townsquare Capital LLC

Townsquare Capital LLC bought a new stake in shares of Parsons Co. (NYSE:PSN - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 21,528 shares of the company's stock, valued at approximately $1,986,000.

Other institutional investors and hedge funds have also modified their holdings of the company. CIBC Private Wealth Group LLC bought a new stake in shares of Parsons during the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd purchased a new stake in Parsons in the fourth quarter worth about $25,000. ORG Wealth Partners LLC bought a new position in shares of Parsons in the fourth quarter worth about $26,000. Huntington National Bank lifted its position in shares of Parsons by 28,900.0% during the 4th quarter. Huntington National Bank now owns 290 shares of the company's stock valued at $27,000 after buying an additional 289 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company's stock worth $29,000 after purchasing an additional 218 shares during the period. Institutional investors own 98.02% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Raymond James cut Parsons from an "outperform" rating to a "market perform" rating in a research report on Thursday, January 2nd. Truist Financial reduced their target price on Parsons from $85.00 to $70.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. The Goldman Sachs Group cut their price target on Parsons from $109.00 to $98.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. TD Cowen downgraded shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective on the stock. in a research report on Friday, February 21st. Finally, KeyCorp lowered their price objective on Parsons from $76.00 to $73.00 and set an "overweight" rating on the stock in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Parsons presently has an average rating of "Moderate Buy" and a consensus target price of $93.60.

Parsons Price Performance

Shares of PSN traded up $0.50 on Friday, reaching $65.03. The stock had a trading volume of 1,255,617 shares, compared to its average volume of 1,074,593. The firm has a 50-day moving average of $61.75 and a 200 day moving average of $84.72. The firm has a market capitalization of $6.94 billion, a PE ratio of 85.57, a PEG ratio of 0.93 and a beta of 0.66. Parsons Co. has a twelve month low of $54.56 and a twelve 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.

Parsons declared that its Board of Directors has initiated a share repurchase program on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to buy up to 3.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

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.