Comerica Bank increased its holdings in shares of Parsons Co. (NYSE:PSN - Free Report) by 11.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,956 shares of the company's stock after purchasing an additional 5,757 shares during the quarter. Comerica Bank owned approximately 0.05% of Parsons worth $5,162,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Parsons by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 4,575,535 shares of the company's stock valued at $422,093,000 after buying an additional 59,545 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Parsons by 271.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company's stock worth $190,932,000 after acquiring an additional 1,512,812 shares during the last quarter. Invesco Ltd. grew its stake in Parsons by 14.2% during the fourth quarter. Invesco Ltd. now owns 2,056,390 shares of the company's stock valued at $189,702,000 after acquiring an additional 255,810 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Parsons by 18.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company's stock valued at $123,685,000 after acquiring an additional 183,117 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Parsons by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,189,811 shares of the company's stock worth $109,762,000 after purchasing an additional 26,230 shares in the last quarter. Institutional investors own 98.02% of the company's stock.
Wall Street Analyst Weigh In
PSN has been the subject of a number of research analyst reports. TD Cowen lowered Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective for the company. in a research report on Friday, February 21st. Bank of America reduced their price objective on Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. Baird R W downgraded Parsons from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. Jefferies Financial Group restated a "hold" rating and issued a $65.00 price target (down previously from $75.00) on shares of Parsons in a research report on Monday. Finally, The Goldman Sachs Group lowered their price objective on shares of Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.20.
View Our Latest Research Report on PSN
Parsons Trading Down 2.8 %
Shares of NYSE PSN opened at $61.05 on Tuesday. The business's 50 day moving average price is $61.45 and its 200-day moving average price is $81.35. Parsons Co. has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The company has a market cap of $6.52 billion, a price-to-earnings ratio of 80.33, a PEG ratio of 0.93 and a beta of 0.57.
Parsons announced that its board has authorized a stock repurchase program on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to purchase 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 shares are undervalued.
About Parsons
(
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.
Further Reading
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