Tower Research Capital LLC TRC Buys 3,620 Shares of Parsons Co. (NYSE:PSN)

Tower Research Capital LLC TRC increased its stake in Parsons Co. (NYSE:PSN) by 156.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 5,940 shares of the company’s stock after acquiring an additional 3,620 shares during the period. Tower Research Capital LLC TRC’s holdings in Parsons were worth $548,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Teachers Retirement System of The State of Kentucky lifted its position in Parsons by 86.2% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 15,270 shares of the company’s stock worth $1,409,000 after buying an additional 7,070 shares during the last quarter. MML Investors Services LLC lifted its position in shares of Parsons by 1.8% during the fourth quarter. MML Investors Services LLC now owns 21,626 shares of the company’s stock worth $1,995,000 after purchasing an additional 384 shares during the last quarter. MetLife Investment Management LLC lifted its position in shares of Parsons by 9.1% during the fourth quarter. MetLife Investment Management LLC now owns 26,321 shares of the company’s stock worth $2,428,000 after purchasing an additional 2,191 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Parsons by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,189,811 shares of the company’s stock worth $109,762,000 after purchasing an additional 26,230 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Parsons by 25.1% during the fourth quarter. First Trust Advisors LP now owns 197,515 shares of the company’s stock worth $18,221,000 after purchasing an additional 39,672 shares during the last quarter. 98.02% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on PSN. Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Jefferies Financial Group decreased their target price on Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, January 24th. Truist Financial decreased their target price on Parsons from $85.00 to $70.00 and set a “buy” rating for the company in a research report on Monday, April 14th. The Goldman Sachs Group decreased their price objective on Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Finally, KeyCorp decreased their price objective on Parsons from $76.00 to $73.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $93.60.

Parsons Stock Performance

Shares of Parsons stock opened at $68.42 on Tuesday. The company has a market capitalization of $7.31 billion, a PE ratio of 90.03, 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 quick ratio of 1.55 and a current ratio of 1.29. The company has a 50-day simple moving average of $60.97 and a two-hundred day simple moving average of $82.87. Parsons Co. has a one year low of $54.56 and a one year high of $114.68.

Parsons announced that its Board of Directors has authorized a share buyback program on Monday, March 24th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback programs are typically a sign 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.