Edgestream Partners L.P. Has $3.18 Million Stock Holdings in Parsons Corporation (NYSE:PSN)

Edgestream Partners L.P. increased its holdings in shares of Parsons Corporation (NYSE:PSN - Free Report) by 322.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 53,706 shares of the company's stock after purchasing an additional 40,980 shares during the quarter. Edgestream Partners L.P. owned 0.05% of Parsons worth $3,180,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSN. Private Capital Advisors Inc. purchased a new stake in shares of Parsons during the first quarter valued at approximately $211,000. CWM LLC boosted its holdings in Parsons by 2.1% in the first 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 holdings in shares of Parsons by 25.6% during the first quarter. New York State Common Retirement Fund now owns 352,246 shares of the company's stock valued at $20,856,000 after acquiring an additional 71,740 shares during the period. TD Private Client Wealth LLC boosted its holdings in shares of Parsons by 22.8% during the first quarter. TD Private Client Wealth LLC now owns 1,856 shares of the company's stock valued at $110,000 after acquiring an additional 344 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of 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 acquiring an additional 6,404 shares during the period. Institutional investors and hedge funds own 98.02% of the company's stock.

Parsons Stock Performance

PSN stock traded down $0.23 during midday trading on Friday, hitting $76.36. The stock had a trading volume of 853,661 shares, compared to its average volume of 1,216,548. The firm has a market capitalization of $8.16 billion, a price-to-earnings ratio of 32.22, a P/E/G ratio of 4.45 and a beta of 0.55. Parsons Corporation has a 52 week low of $54.56 and a 52 week high of $114.68. The stock has a 50-day simple moving average of $69.62 and a 200 day simple moving average of $70.18. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.31.

Parsons declared that its board has initiated a stock repurchase program on Monday, March 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have commented on PSN shares. Raymond James Financial upgraded shares of 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. Baird R W downgraded Parsons from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Robert W. Baird cut Parsons from an "outperform" rating to a "neutral" rating and lowered their price target for the company from $72.00 to $69.00 in a research note on Thursday, May 1st. Stifel Nicolaus started coverage on Parsons in a research note on Tuesday, June 24th. They issued a "buy" rating and a $81.00 price target for the company. Finally, KeyCorp reaffirmed an "overweight" rating and set a $82.00 target price (up previously from $73.00) on shares of Parsons in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $85.20.

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.