Parsons Co. (NYSE:PSN) Shares Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC grew its holdings in Parsons Co. (NYSE:PSN - Free Report) by 64.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,408 shares of the company's stock after buying an additional 3,701 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Parsons were worth $868,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. CIBC Private Wealth Group LLC purchased a new stake in Parsons in the 4th quarter worth $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parsons in the fourth quarter valued at about $25,000. Huntington National Bank increased its stake in shares of Parsons by 28,900.0% during the fourth quarter. Huntington National Bank now owns 290 shares of the company's stock worth $27,000 after purchasing an additional 289 shares in the last quarter. Quarry LP acquired a new position in shares of Parsons during the 4th quarter worth about $30,000. Finally, Principal Securities Inc. acquired a new position in shares of Parsons during the 4th quarter worth about $33,000. 98.02% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PSN has been the subject of several research reports. KeyCorp cut their price objective on Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Jefferies Financial Group reiterated a "hold" rating and set a $65.00 price target (down from $75.00) on shares of Parsons in a research report on Monday, May 5th. Robert W. Baird downgraded Parsons from an "outperform" rating to a "neutral" rating and reduced their price objective for the company from $72.00 to $69.00 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. Finally, The Goldman Sachs Group dropped their target price on shares of Parsons from $90.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, June 4th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $86.90.

Parsons Trading Up 0.2%

Shares of PSN stock traded up $0.14 on Tuesday, hitting $69.66. 917,448 shares of the stock traded hands, compared to its average volume of 1,191,220. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. Parsons Co. has a twelve month low of $54.56 and a twelve month high of $114.68. The firm's 50-day moving average price is $65.16 and its two-hundred day moving average price is $74.53. The stock has a market capitalization of $7.45 billion, a PE ratio of 91.66, a PEG ratio of 0.93 and a beta of 0.53.

Parsons announced that its board has approved a stock buyback plan on Monday, March 24th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its shares are 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.