Lecap Asset Management Ltd. Takes Position in Parsons Corporation (NYSE:PSN)

Lecap Asset Management Ltd. acquired a new stake in Parsons Corporation (NYSE:PSN - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 24,943 shares of the company's stock, valued at approximately $1,477,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Parsons by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 4,575,535 shares of the company's stock valued at $422,093,000 after acquiring an additional 59,545 shares in the last quarter. Artisan Partners Limited Partnership lifted its position in 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 buying an additional 1,512,812 shares during the period. Invesco Ltd. lifted its position in Parsons by 14.2% during the fourth quarter. Invesco Ltd. now owns 2,056,390 shares of the company's stock worth $189,702,000 after buying an additional 255,810 shares during the period. Dimensional Fund Advisors LP lifted its position in Parsons by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,189,811 shares of the company's stock worth $109,762,000 after buying an additional 26,230 shares during the period. Finally, Fuller & Thaler Asset Management Inc. lifted its position in Parsons by 5.2% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,069,175 shares of the company's stock worth $98,631,000 after buying an additional 52,522 shares during the period. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Price Performance

PSN stock opened at $68.50 on Thursday. 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 1 year low of $54.56 and a 1 year high of $114.68. The firm has a market cap of $7.32 billion, a P/E ratio of 28.90, a price-to-earnings-growth ratio of 3.90 and a beta of 0.53. The stock has a 50-day simple moving average of $66.71 and a 200-day simple moving average of $72.51.

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

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. The Goldman Sachs Group reduced their target price on Parsons from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Wednesday, June 4th. 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 reiterated a "hold" rating and set a $65.00 target price (down from $75.00) on shares of Parsons in a research report on Monday, May 5th. Stifel Nicolaus started coverage on Parsons in a research report on Tuesday. They set a "buy" rating and a $81.00 target price on the stock. Finally, Benchmark restated a "buy" rating and set a $90.00 price target on shares of Parsons in a research note on Wednesday, February 26th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $85.30.

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.

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