Vertex Planning Partners LLC Makes New $935,000 Investment in Parsons Co. (NYSE:PSN)

Vertex Planning Partners LLC purchased a new position in shares of Parsons Co. (NYSE:PSN) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,135 shares of the company’s stock, valued at approximately $935,000.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Parsons by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 4,575,535 shares of the company’s stock valued at $422,093,000 after buying an additional 59,545 shares in the last quarter. Artisan Partners Limited Partnership grew its position in shares of Parsons by 271.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock worth $190,932,000 after acquiring an additional 1,512,812 shares in the last quarter. State Street Corp lifted its position 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 worth $169,429,000 after buying an additional 616,707 shares during the last quarter. Principal Financial Group Inc. raised its position 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 purchasing an additional 183,117 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Parsons by 14.0% in the third quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock valued at $80,146,000 after buying an additional 95,040 shares during the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. TD Cowen lowered Parsons from a “buy” rating to a “hold” rating and set a $105.00 price objective for the company. in a report on Friday, February 21st. Raymond James cut shares of Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Benchmark reiterated a “buy” rating and issued a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. KeyCorp reduced their price objective on Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Finally, Robert W. Baird decreased their price objective on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $99.44.

Parsons Trading Down 1.0 %

Parsons stock opened at $60.60 on Friday. The stock has a market cap of $6.47 billion, a price-to-earnings ratio of 79.74, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. Parsons Co. has a 12 month low of $54.56 and a 12 month high of $114.68. The business has a 50 day moving average price of $69.31 and a two-hundred day moving average price of $89.46.

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

About Parsons

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.