Guggenheim Capital LLC Invests $494,000 in Parsons Co. (NYSE:PSN)

Guggenheim Capital LLC acquired a new position in Parsons Co. (NYSE:PSN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 5,358 shares of the company's stock, valued at approximately $494,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSN. Artisan Partners Limited Partnership boosted its position 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 period. Raymond James Financial Inc. purchased a new stake in Parsons in the 4th quarter worth about $63,417,000. Norges Bank acquired a new stake in Parsons during the 4th quarter worth about $59,447,000. FIL Ltd purchased a new position in Parsons during the 4th quarter valued at about $27,868,000. Finally, Invesco Ltd. increased its holdings in shares of Parsons by 14.2% in the 4th quarter. Invesco Ltd. now owns 2,056,390 shares of the company's stock valued at $189,702,000 after purchasing an additional 255,810 shares during the period. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Stock Performance

PSN traded down $1.91 on Wednesday, hitting $66.75. The company had a trading volume of 3,242,209 shares, compared to its average volume of 1,103,597. The stock has a market cap of $7.13 billion, a price-to-earnings ratio of 87.83, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. The company's fifty day moving average price is $61.11 and its 200 day moving average price is $82.77. Parsons Co. has a 1-year low of $54.56 and a 1-year high of $114.68.

Parsons announced that its board has initiated a stock buyback program on Monday, March 24th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Raymond James cut shares of Parsons from an "outperform" rating to a "market perform" rating in a report on Thursday, January 2nd. Truist Financial lowered their price target on shares of Parsons from $85.00 to $70.00 and set a "buy" rating on the stock in a report on Monday, April 14th. The Goldman Sachs Group cut their price objective on Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Benchmark reissued a "buy" rating and set a $90.00 price objective on shares of Parsons in a research report on Wednesday, February 26th. Finally, William Blair raised Parsons from a "market perform" rating to an "outperform" rating in a research report on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Parsons currently has an average rating of "Moderate Buy" and an average price target of $93.60.

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.