CoreCap Advisors LLC Makes New $715,000 Investment in Parsons Co. (NYSE:PSN)

CoreCap Advisors LLC purchased a new position in shares of Parsons Co. (NYSE:PSN - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 7,754 shares of the company's stock, valued at approximately $715,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Parsons by 1.3% in 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 holdings in shares of Parsons by 271.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company's stock valued at $190,932,000 after buying an additional 1,512,812 shares in the last quarter. Invesco Ltd. boosted 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 buying an additional 255,810 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of 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 buying an additional 183,117 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Parsons by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,189,811 shares of the company's stock valued at $109,762,000 after buying an additional 26,230 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PSN. Truist Financial restated a "buy" rating and issued a $80.00 target price (up previously from $70.00) on shares of Parsons in a report on Thursday, May 1st. Robert W. Baird cut shares of Parsons from an "outperform" rating to a "neutral" rating and lowered their target price for the company from $72.00 to $69.00 in a report on Thursday, May 1st. Baird R W cut shares of Parsons from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Benchmark reiterated a "buy" rating and set a $90.00 price target on shares of Parsons in a research note on Wednesday, February 26th. Finally, Bank of America decreased their price target on shares of Parsons from $130.00 to $110.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $90.20.

Parsons Stock Performance

Parsons stock traded up $1.02 during trading hours on Monday, reaching $65.11. 857,708 shares of the stock were exchanged, compared to its average volume of 1,119,979. The stock has a market cap of $6.96 billion, a P/E ratio of 85.67, a P/E/G ratio of 0.93 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. Parsons Co. has a 52-week low of $54.56 and a 52-week high of $114.68. The firm's 50 day moving average is $62.06 and its 200 day moving average is $79.88.

Parsons declared that its Board of Directors has approved a share buyback program 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 programs are generally an indication that the company's board believes its shares are undervalued.

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.