32,475 Shares in Parsons Co. (NYSE:PSN) Acquired by New Age Alpha Advisors LLC

New Age Alpha Advisors LLC acquired a new position in shares of Parsons Co. (NYSE:PSN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 32,475 shares of the company’s stock, valued at approximately $2,996,000.

Several other large investors also recently added to or reduced their stakes in the stock. Artisan Partners Limited Partnership boosted its position 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 valued at $190,932,000 after acquiring an additional 1,512,812 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Parsons during the fourth quarter worth about $63,417,000. Norges Bank acquired a new position in Parsons in the 4th quarter valued at about $59,447,000. State Street Corp grew its stake in shares of Parsons by 60.6% in the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after buying an additional 616,707 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in shares of Parsons by 18.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock worth $123,685,000 after buying an additional 183,117 shares during the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on PSN shares. Jefferies Financial Group decreased their price objective on Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, January 24th. The Goldman Sachs Group cut their price objective on Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Raymond James cut shares of Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. KeyCorp dropped their price target on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Finally, William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $99.44.

Parsons Price Performance

Shares of PSN opened at $59.37 on Friday. The company has a market cap of $6.34 billion, a P/E ratio of 78.12, a PEG ratio of 0.93 and a beta of 0.78. Parsons Co. has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average price is $68.59 and its 200 day moving average price is $89.16.

Parsons announced that its Board of Directors has initiated a stock repurchase plan 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 plans are usually an indication that the company’s management believes its shares are undervalued.

Parsons 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.