State of Alaska Department of Revenue Acquires 18,055 Shares of Parsons Corporation (NYSE:PSN)

State of Alaska Department of Revenue lifted its holdings in shares of Parsons Corporation (NYSE:PSN - Free Report) by 338.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,385 shares of the company's stock after purchasing an additional 18,055 shares during the quarter. State of Alaska Department of Revenue's holdings in Parsons were worth $1,383,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Janney Montgomery Scott LLC increased its stake in Parsons by 152.0% in the first quarter. Janney Montgomery Scott LLC now owns 9,195 shares of the company's stock valued at $544,000 after acquiring an additional 5,546 shares during the last quarter. Pullen Investment Management LLC increased its stake in Parsons by 1.8% in the first quarter. Pullen Investment Management LLC now owns 17,447 shares of the company's stock valued at $1,033,000 after acquiring an additional 314 shares during the last quarter. Aubrey Capital Management Ltd bought a new position in Parsons in the first quarter valued at approximately $338,000. Fifth Third Bancorp increased its stake in Parsons by 1,803.4% in the first quarter. Fifth Third Bancorp now owns 552 shares of the company's stock valued at $33,000 after acquiring an additional 523 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in Parsons in the first quarter valued at approximately $12,427,000. 98.02% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PSN has been the topic of a number of recent analyst reports. KeyCorp decreased their price objective on shares of Parsons from $76.00 to $73.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Benchmark reaffirmed a "buy" rating and set a $90.00 target price on shares of Parsons in a research note on Wednesday, February 26th. 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. Baird R W cut shares of Parsons from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Finally, Stifel Nicolaus initiated coverage on shares of Parsons in a research note on Tuesday. They set a "buy" rating and a $81.00 target price on the stock. Five 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 company currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.30.

Parsons Price Performance

PSN stock opened at $68.16 on Wednesday. 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 52 week low of $54.56 and a 52 week high of $114.68. The firm's fifty day moving average is $66.63 and its 200 day moving average is $72.54. The firm has a market cap of $7.28 billion, a P/E ratio of 28.76, a P/E/G ratio of 3.79 and a beta of 0.53.

Parsons announced that its board has approved a stock buyback program on Monday, March 24th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

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.

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