Geode Capital Management LLC Raises Position in Parsons Co. (NYSE:PSN)

Geode Capital Management LLC lifted its stake in shares of Parsons Co. (NYSE:PSN) by 0.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 778,892 shares of the company’s stock after buying an additional 6,084 shares during the period. Geode Capital Management LLC owned about 0.73% of Parsons worth $71,875,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PSN. CIBC Private Wealth Group LLC purchased a new position in Parsons during the 4th quarter worth $25,000. ORG Wealth Partners LLC bought a new position in shares of Parsons during the fourth quarter valued at about $26,000. GAMMA Investing LLC boosted its holdings in Parsons by 224.7% during the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock worth $29,000 after purchasing an additional 218 shares during the last quarter. Principal Securities Inc. bought a new stake in Parsons in the 4th quarter worth about $33,000. Finally, R Squared Ltd purchased a new stake in Parsons in the 4th quarter valued at about $38,000. Institutional investors own 98.02% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on PSN. Robert W. Baird reduced their target price on Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Jefferies Financial Group reduced their price objective on Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, January 24th. The Goldman Sachs Group lowered their target price on Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Raymond James lowered shares of Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Finally, Benchmark reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Parsons in a research report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Parsons presently has an average rating of “Moderate Buy” and a consensus target price of $100.50.

Parsons Trading Up 2.2 %

Shares of PSN stock opened at $64.63 on Friday. The stock has a market capitalization of $6.90 billion, a price-to-earnings ratio of 85.04, a PEG ratio of 0.93 and a beta of 0.66. The company’s fifty day simple moving average is $63.01 and its two-hundred day simple moving average is $86.09. Parsons Co. has a 1 year low of $54.56 and a 1 year high of $114.68. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55.

Parsons announced that its board has initiated a share repurchase plan on Monday, March 24th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is 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.