KLP Kapitalforvaltning AS Purchases New Position in Parsons Co. (NYSE:PSN)

KLP Kapitalforvaltning AS acquired a new position in Parsons Co. (NYSE:PSN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,100 shares of the company’s stock, valued at approximately $932,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. ORG Wealth Partners LLC bought a new position in shares of Parsons during the 4th quarter valued at $26,000. True Wealth Design LLC acquired a new position in Parsons during the third quarter worth $30,000. GAMMA Investing LLC raised its holdings in Parsons by 224.7% during the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock valued at $29,000 after buying an additional 218 shares in the last quarter. Principal Securities Inc. acquired a new stake in shares of Parsons in the fourth quarter worth about $33,000. Finally, R Squared Ltd bought a new stake in shares of Parsons during the 4th quarter worth about $38,000. Institutional investors own 98.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PSN shares. Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Jefferies Financial Group reduced their price objective on shares of Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, January 24th. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. KeyCorp cut their target price 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, Robert W. Baird lowered their price target on Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $99.44.

Parsons Stock Performance

Shares of NYSE PSN opened at $59.30 on Tuesday. The firm has a market capitalization of $6.33 billion, a price-to-earnings ratio of 78.02, a PEG ratio of 0.93 and a beta of 0.78. Parsons Co. has a one year low of $54.56 and a one year high of $114.68. The business has a fifty day simple moving average of $67.87 and a 200 day simple moving average of $88.87. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31.

Parsons announced that its Board of Directors has authorized a stock repurchase plan on Monday, March 24th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows 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 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.