Zacks Investment Management Makes New Investment in Parsons Co. (NYSE:PSN)

Zacks Investment Management bought a new position in Parsons Co. (NYSE:PSN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 27,768 shares of the company's stock, valued at approximately $2,562,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PSN. Geode Capital Management LLC lifted its position in Parsons by 14.0% during the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company's stock valued at $80,146,000 after purchasing an additional 95,040 shares during the period. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Parsons during the 3rd quarter valued at $850,000. Tidal Investments LLC boosted its position in shares of Parsons by 140.9% in the 3rd quarter. Tidal Investments LLC now owns 7,214 shares of the company's stock worth $748,000 after purchasing an additional 4,220 shares during the last quarter. Franklin Resources Inc. increased its holdings in Parsons by 11.8% in the third quarter. Franklin Resources Inc. now owns 601,071 shares of the company's stock valued at $64,813,000 after purchasing an additional 63,657 shares during the last quarter. Finally, Retirement Systems of Alabama bought a new position in Parsons during the 3rd quarter worth approximately $5,884,000. Institutional investors and hedge funds own 98.02% of the company's stock.

Parsons Stock Up 2.1 %

NYSE PSN traded up $1.34 on Wednesday, hitting $65.42. 336,387 shares of the company were exchanged, compared to its average volume of 1,072,527. Parsons Co. has a 12 month low of $54.56 and a 12 month high of $114.68. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31. The company has a market cap of $6.99 billion, a PE ratio of 86.08, a PEG ratio of 0.93 and a beta of 0.66. The stock has a fifty day moving average of $61.30 and a 200-day moving average of $84.12.

Parsons announced that its board has approved a stock buyback plan on Monday, March 24th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to buy up to 3.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Robert W. Baird dropped their price target on Parsons from $125.00 to $78.00 and set an "outperform" rating on the stock in a research report on Thursday, February 20th. TD Cowen downgraded shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective for the company. in a research note on Friday, February 21st. KeyCorp lowered their target price on Parsons from $76.00 to $73.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Jefferies Financial Group decreased their price target on Parsons from $110.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, January 24th. Finally, Truist Financial dropped their price objective on Parsons from $85.00 to $70.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Parsons presently has a consensus rating of "Moderate Buy" and a consensus price target of $93.60.

Parsons Company 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.