Driehaus Capital Management LLC Lowers Holdings in Parsons Co. (NYSE:PSN)

Driehaus Capital Management LLC lowered its holdings in Parsons Co. (NYSE:PSN) by 19.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 493,245 shares of the company’s stock after selling 121,460 shares during the quarter. Driehaus Capital Management LLC owned 0.46% of Parsons worth $45,502,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Norden Group LLC purchased a new position in Parsons during the fourth quarter worth about $499,000. Wolverine Asset Management LLC acquired a new position in Parsons during the 4th quarter worth about $577,000. Truist Financial Corp lifted its stake in Parsons by 12.5% during the 4th quarter. Truist Financial Corp now owns 45,253 shares of the company’s stock worth $4,175,000 after acquiring an additional 5,032 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its position in Parsons by 15.4% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 86,149 shares of the company’s stock valued at $8,052,000 after acquiring an additional 11,520 shares in the last quarter. Finally, Ieq Capital LLC lifted its position in shares of Parsons by 676.6% during the fourth quarter. Ieq Capital LLC now owns 19,019 shares of the company’s stock worth $1,755,000 after purchasing an additional 16,570 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Stock Performance

Shares of PSN stock opened at $62.96 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. The firm has a market cap of $6.73 billion, a P/E ratio of 82.84, a PEG ratio of 0.93 and a beta of 0.57. The stock’s 50-day moving average is $61.63 and its two-hundred day moving average is $81.09. Parsons Co. has a fifty-two week low of $54.56 and a fifty-two week high of $114.68.

Parsons declared that its Board of Directors has approved a share repurchase plan on Monday, March 24th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to purchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PSN shares. Bank of America cut their price target on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. Benchmark reaffirmed a “buy” rating and issued a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. Jefferies Financial Group reissued a “hold” rating and issued a $65.00 price objective (down from $75.00) on shares of Parsons in a research report on Monday. Baird R W cut shares of Parsons from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 1st. Finally, TD Cowen lowered Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price on the stock. in a report on Friday, February 21st. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $90.20.

Parsons Company 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.