Redwood Investments LLC Decreases Stock Holdings in Parsons Co. (NYSE:PSN)

Redwood Investments LLC lowered its holdings in Parsons Co. (NYSE:PSN - Free Report) by 51.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,475 shares of the company's stock after selling 10,115 shares during the period. Redwood Investments LLC's holdings in Parsons were worth $874,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. GAMMA Investing LLC raised its stake in shares of Parsons by 224.7% during the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company's stock worth $29,000 after purchasing an additional 218 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Parsons by 12.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,442 shares of the company's stock worth $594,000 after buying an additional 735 shares during the last quarter. Brookstone Capital Management raised its position in Parsons by 209.2% in the fourth quarter. Brookstone Capital Management now owns 26,957 shares of the company's stock worth $2,487,000 after acquiring an additional 18,238 shares during the period. Burney Co. boosted its stake in Parsons by 2.1% in the fourth quarter. Burney Co. now owns 25,352 shares of the company's stock valued at $2,339,000 after acquiring an additional 530 shares during the last quarter. Finally, Certified Advisory Corp grew its position in shares of Parsons by 8.4% during the 4th quarter. Certified Advisory Corp now owns 6,228 shares of the company's stock valued at $575,000 after acquiring an additional 485 shares during the period. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Price Performance

Shares of NYSE:PSN opened at $66.58 on Thursday. The company has a 50 day moving average of $62.34 and a 200 day moving average of $79.69. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31. The stock has a market cap of $7.12 billion, a P/E ratio of 87.61, a P/E/G ratio of 0.93 and a beta of 0.57. Parsons Co. has a 12 month low of $54.56 and a 12 month high of $114.68.

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

Wall Street Analysts Forecast Growth

PSN has been the topic of a number of research reports. KeyCorp lowered their price target on shares of Parsons from $76.00 to $73.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Jefferies Financial Group restated a "hold" rating and issued a $65.00 target price (down from $75.00) on shares of Parsons in a research note on Monday, May 5th. Benchmark reiterated a "buy" rating and set a $90.00 price target on shares of Parsons in a research note on Wednesday, February 26th. William Blair upgraded shares of Parsons from a "market perform" rating to an "outperform" rating in a research report on Tuesday, February 18th. Finally, Truist Financial restated a "buy" rating and set a $80.00 price target (up from $70.00) on shares of Parsons in a research note on Thursday, May 1st. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company 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.

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