MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Raises Stock Position in Parsons Co. (NYSE:PSN)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Parsons Co. (NYSE:PSN - Free Report) by 26.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 265,103 shares of the company's stock after buying an additional 55,816 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.25% of Parsons worth $24,456,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of PSN. Artisan Partners Limited Partnership lifted its stake in shares of Parsons by 271.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company's stock worth $190,932,000 after purchasing an additional 1,512,812 shares during the last quarter. Raymond James Financial Inc. bought a new position in Parsons in the fourth quarter worth about $63,417,000. Norges Bank bought a new position in Parsons in the fourth quarter worth about $59,447,000. Freestone Grove Partners LP purchased a new stake in shares of Parsons during the fourth quarter valued at about $40,318,000. Finally, FIL Ltd bought a new stake in shares of Parsons in the 4th quarter valued at about $27,868,000. Institutional investors own 98.02% of the company's stock.

Parsons Stock Performance

Shares of NYSE PSN traded up $0.78 during mid-day trading on Friday, hitting $69.03. The stock had a trading volume of 1,324,106 shares, compared to its average volume of 1,142,986. The firm has a market cap of $7.38 billion, a PE ratio of 90.83, a PEG ratio of 0.93 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The company has a 50 day moving average of $62.77 and a two-hundred day moving average of $78.98. Parsons Co. has a twelve month low of $54.56 and a twelve month high of $114.68.

Parsons declared that its Board of Directors has authorized a share repurchase plan on Monday, March 24th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts recently commented on PSN shares. Benchmark reiterated a "buy" rating and set a $90.00 price objective on shares of Parsons in a research note on Wednesday, February 26th. William Blair raised shares of Parsons from a "market perform" rating to an "outperform" rating in a report on Tuesday, February 18th. Robert W. Baird lowered Parsons from an "outperform" rating to a "neutral" rating and decreased their price objective for the company from $72.00 to $69.00 in a report on Thursday, May 1st. Jefferies Financial Group reissued a "hold" rating and issued a $65.00 price objective (down previously from $75.00) on shares of Parsons in a research report on Monday, May 5th. Finally, KeyCorp reduced their target price on Parsons from $76.00 to $73.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Five 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, Parsons presently has a consensus rating of "Moderate Buy" and an average price target of $90.20.

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.