Private Capital Advisors Inc. Invests $211,000 in Parsons Corporation (NYSE:PSN)

Private Capital Advisors Inc. bought a new position in Parsons Corporation (NYSE:PSN - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 3,571 shares of the company's stock, valued at approximately $211,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSN. CWM LLC lifted its position in shares of Parsons by 2.1% in the 1st quarter. CWM LLC now owns 7,810 shares of the company's stock worth $462,000 after purchasing an additional 163 shares during the period. New York State Common Retirement Fund boosted its stake in Parsons by 25.6% during the 1st quarter. New York State Common Retirement Fund now owns 352,246 shares of the company's stock valued at $20,856,000 after purchasing an additional 71,740 shares during the last quarter. TD Private Client Wealth LLC increased its holdings in Parsons by 22.8% in the 1st quarter. TD Private Client Wealth LLC now owns 1,856 shares of the company's stock worth $110,000 after buying an additional 344 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Parsons by 4.3% during the first quarter. Envestnet Asset Management Inc. now owns 157,001 shares of the company's stock valued at $9,296,000 after purchasing an additional 6,404 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Parsons by 38.5% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 11,100 shares of the company's stock worth $657,000 after buying an additional 3,083 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Stock Performance

Shares of PSN stock traded up $0.17 during mid-day trading on Monday, hitting $74.95. 1,087,707 shares of the stock were exchanged, compared to its average volume of 1,483,742. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.29 and a current ratio of 1.29. Parsons Corporation has a 12-month low of $54.56 and a 12-month high of $114.68. The stock's fifty day simple moving average is $68.65 and its two-hundred day simple moving average is $70.37. The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of 31.62, a P/E/G ratio of 4.47 and a beta of 0.55.

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

Analyst Ratings Changes

Several brokerages have recently commented on PSN. Raymond James Financial upgraded shares of Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price objective on the stock in a research report on Tuesday, July 8th. Robert W. Baird downgraded Parsons from an "outperform" rating to a "neutral" rating and lowered their price target for the stock from $72.00 to $69.00 in a research report on Thursday, May 1st. Bank of America decreased their price target on Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a research note on Tuesday, June 3rd. Truist Financial reiterated a "buy" rating and issued a $80.00 price target (up previously from $70.00) on shares of Parsons in a report on Thursday, May 1st. Finally, Stifel Nicolaus initiated coverage on shares of Parsons in a research report on Tuesday, June 24th. They issued a "buy" rating and a $81.00 price target for the company. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $84.30.

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.