Nebula Research & Development LLC bought a new position in shares of Parsons Co. (NYSE:PSN - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 9,117 shares of the company's stock, valued at approximately $841,000.
A number of other large investors have also recently added to or reduced their stakes in PSN. Tidal Investments LLC lifted its holdings in Parsons by 140.9% in the third quarter. Tidal Investments LLC now owns 7,214 shares of the company's stock valued at $748,000 after acquiring an additional 4,220 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Parsons by 11.8% in the third quarter. Franklin Resources Inc. now owns 601,071 shares of the company's stock valued at $64,813,000 after acquiring an additional 63,657 shares during the last quarter. Retirement Systems of Alabama acquired a new position in Parsons in the third quarter valued at approximately $5,884,000. Principal Financial Group Inc. lifted its holdings in Parsons by 18.1% in the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company's stock valued at $123,685,000 after acquiring an additional 183,117 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company's stock valued at $29,000 after acquiring an additional 218 shares during the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
PSN has been the topic of a number of recent analyst reports. The Goldman Sachs Group decreased their price objective on Parsons from $109.00 to $98.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Truist Financial cut their target price on Parsons from $85.00 to $70.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. KeyCorp cut 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. Bank of America cut their target price on Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Finally, TD Cowen lowered Parsons from a "buy" rating to a "hold" rating and set a $105.00 target price on the stock. in a research report on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Parsons currently has a consensus rating of "Moderate Buy" and an average price target of $93.60.
Check Out Our Latest Research Report on PSN
Parsons Stock Down 2.8 %
Shares of PSN traded down $1.91 during midday trading on Wednesday, hitting $66.75. The company had a trading volume of 3,242,209 shares, compared to its average volume of 1,104,825. The company's 50-day simple moving average is $61.11 and its 200-day simple moving average is $82.77. 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 firm has a market capitalization of $7.13 billion, a P/E ratio of 87.83, a P/E/G ratio of 0.93 and a beta of 0.66. Parsons Co. has a 1 year low of $54.56 and a 1 year high of $114.68.
Parsons announced that its board has authorized a stock repurchase program on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.
Parsons Company Profile
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Free Report)
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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