Townsquare Capital LLC Invests $1.99 Million in Parsons Co. (NYSE:PSN)

Townsquare Capital LLC bought a new stake in Parsons Co. (NYSE:PSN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 21,528 shares of the company’s stock, valued at approximately $1,986,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. CIBC Private Wealth Group LLC purchased a new stake in Parsons during the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd purchased a new position in Parsons in the 4th quarter valued at approximately $25,000. ORG Wealth Partners LLC acquired a new position in shares of Parsons in the fourth quarter worth $26,000. Huntington National Bank raised its stake in shares of 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 in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Parsons by 224.7% in the fourth 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. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Trading Up 0.7 %

Shares of PSN stock opened at $64.52 on Thursday. Parsons Co. has a twelve month low of $54.56 and a twelve month high of $114.68. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $62.24 and its two-hundred day moving average is $85.40. The company has a market capitalization of $6.89 billion, a P/E ratio of 84.90, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66.

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on PSN. Jefferies Financial Group decreased 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. TD Cowen downgraded shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price for the company. in a research note on Friday, February 21st. Truist Financial decreased their price target on Parsons from $85.00 to $70.00 and set a “buy” rating for the company in a report on Monday. KeyCorp decreased their target price on Parsons from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Benchmark restated a “buy” rating and set 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 assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $93.60.

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.