Financial Harvest LLC Acquires New Stake in Parsons Corporation (NYSE:PSN)

Financial Harvest LLC acquired a new stake in Parsons Corporation (NYSE:PSN - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 13,422 shares of the company's stock, valued at approximately $795,000. Parsons makes up 0.5% of Financial Harvest LLC's portfolio, making the stock its 18th largest holding.

A number of other institutional investors have also made changes to their positions in the stock. CIBC Private Wealth Group LLC bought a new stake in shares of Parsons during the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd bought a new stake in Parsons in the 4th quarter valued at $25,000. Huntington National Bank increased its holdings in Parsons by 28,900.0% in the 4th quarter. Huntington National Bank now owns 290 shares of the company's stock valued at $27,000 after buying an additional 289 shares during the period. Versant Capital Management Inc bought a new stake in Parsons in the first quarter valued at about $27,000. Finally, Quarry LP bought a new stake in Parsons in the fourth quarter valued at about $30,000. 98.02% of the stock is owned by institutional investors.

Parsons Trading Down 0.3%

PSN traded down $0.23 during mid-day trading on Friday, reaching $76.36. The stock had a trading volume of 853,691 shares, compared to its average volume of 1,222,013. The stock has a market capitalization of $8.16 billion, a P/E ratio of 32.22, a P/E/G ratio of 4.56 and a beta of 0.55. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.29 and a current ratio of 1.29. The firm's fifty day simple moving average is $69.87 and its two-hundred day simple moving average is $69.92. Parsons Corporation has a 52 week low of $54.56 and a 52 week high of $114.68.

Parsons declared that its Board of Directors has authorized a share repurchase program on Monday, March 24th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

PSN has been the topic of several analyst reports. Truist Financial reiterated a "buy" rating and issued a $80.00 price objective (up from $70.00) on shares of Parsons in a research note on Thursday, May 1st. Raymond James Financial upgraded Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price target on the stock in a research report on Tuesday, July 8th. Stifel Nicolaus began coverage on Parsons in a research report on Tuesday, June 24th. They issued a "buy" rating and a $81.00 price target on the stock. Robert W. Baird lowered shares of Parsons from an "outperform" rating to a "neutral" rating and lowered their target price for the stock from $72.00 to $69.00 in a report on Thursday, May 1st. Finally, KeyCorp reaffirmed an "overweight" rating and issued a $82.00 target price (up previously from $73.00) on shares of Parsons in a report on Wednesday. Four equities research 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, Parsons currently has an average rating of "Moderate Buy" and an average price target of $85.20.

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.