Federated Hermes Inc. Purchases 7,461 Shares of Parsons Co. (NYSE:PSN)

Federated Hermes Inc. boosted its position in Parsons Co. (NYSE:PSN) by 1.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 396,973 shares of the company’s stock after purchasing an additional 7,461 shares during the period. Federated Hermes Inc. owned 0.37% of Parsons worth $36,621,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. CIBC Private Wealth Group LLC acquired a new position in Parsons during the 4th quarter worth about $25,000. ORG Wealth Partners LLC acquired a new position in shares of Parsons in the fourth quarter worth approximately $26,000. Huntington National Bank boosted its holdings in Parsons by 28,900.0% in the fourth quarter. Huntington National Bank now owns 290 shares of the company’s stock valued at $27,000 after acquiring an additional 289 shares during the last quarter. GAMMA Investing LLC increased its position in Parsons by 224.7% during the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock valued at $29,000 after purchasing an additional 218 shares during the period. Finally, Principal Securities Inc. bought a new position in Parsons during the 4th quarter worth approximately $33,000. 98.02% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on PSN. Robert W. Baird decreased their price target on Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Benchmark reissued a “buy” rating and issued a $90.00 price target on shares of Parsons in a research note on Wednesday, February 26th. TD Cowen downgraded shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 price objective for the company. in a research report on Friday, February 21st. The Goldman Sachs Group dropped their target price on shares of Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Finally, William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Parsons currently has a consensus rating of “Moderate Buy” and an average price target of $100.50.

Parsons Trading Down 0.0 %

PSN opened at $58.87 on Tuesday. Parsons Co. has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The firm has a market capitalization of $6.29 billion, a PE ratio of 77.46, a P/E/G ratio of 0.93 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. The company’s 50-day moving average is $65.01 and its 200 day moving average is $87.53.

Parsons declared that its Board of Directors has initiated a stock buyback plan on Monday, March 24th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership 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.