Masso Torrence Wealth Management Inc. Acquires New Shares in Parsons Corporation (NYSE:PSN)

Masso Torrence Wealth Management Inc. acquired a new stake in shares of Parsons Corporation (NYSE:PSN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 13,392 shares of the company's stock, valued at approximately $793,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PSN. Artisan Partners Limited Partnership boosted its position in Parsons by 271.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company's stock valued at $190,932,000 after purchasing an additional 1,512,812 shares during the period. Raymond James Financial Inc. acquired a new position in Parsons during the 4th quarter valued at approximately $63,417,000. Norges Bank bought a new stake in Parsons during the 4th quarter valued at $59,447,000. Freestone Grove Partners LP bought a new stake in Parsons during the 4th quarter valued at $40,318,000. Finally, FIL Ltd bought a new stake in Parsons during the 4th quarter valued at $27,868,000. Institutional investors and hedge funds own 98.02% of the company's stock.

Parsons Stock Down 1.5%

PSN opened at $66.97 on Friday. Parsons Corporation has a one year low of $54.56 and a one year high of $114.68. 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 stock's fifty day moving average is $66.52 and its 200-day moving average is $72.97. The company has a market capitalization of $7.16 billion, a PE ratio of 28.26, a P/E/G ratio of 3.75 and a beta of 0.53.

Parsons announced that its board has approved a share buyback program on Monday, March 24th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have weighed in on PSN. Baird R W downgraded Parsons from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Truist Financial reaffirmed a "buy" rating and set a $80.00 target price (up previously from $70.00) on shares of Parsons in a research note on Thursday, May 1st. The Goldman Sachs Group cut their target price on Parsons from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Wednesday, June 4th. KeyCorp cut their target price on Parsons from $76.00 to $73.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Bank of America cut their target price on Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a research note on Tuesday, June 3rd. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $86.90.

Parsons 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.