21,528 Shares in Parsons Co. (NYSE:PSN) Bought by Townsquare Capital LLC

Townsquare Capital LLC bought a new stake in Parsons Co. (NYSE:PSN) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 21,528 shares of the company’s stock, valued at approximately $1,986,000.

Several other institutional investors also recently made changes to their positions in the stock. Artisan Partners Limited Partnership lifted its stake in shares of Parsons by 271.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock valued at $190,932,000 after purchasing an additional 1,512,812 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Parsons during the 4th quarter worth approximately $63,417,000. Norges Bank purchased a new position in Parsons in the 4th quarter valued at approximately $59,447,000. FIL Ltd acquired a new position in Parsons during the fourth quarter worth $27,868,000. Finally, Invesco Ltd. boosted its position in Parsons by 14.2% during the fourth quarter. Invesco Ltd. now owns 2,056,390 shares of the company’s stock worth $189,702,000 after purchasing an additional 255,810 shares in the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Trading Up 0.7 %

Shares of NYSE PSN opened at $64.52 on Thursday. The stock has a market capitalization of $6.89 billion, a P/E ratio of 84.90, a PEG ratio of 0.93 and a beta of 0.66. The stock’s 50 day moving average price is $62.24 and its two-hundred day moving average price is $85.40. 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 52-week low of $54.56 and a 52-week 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 repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms recently commented on PSN. Jefferies Financial Group decreased their price objective on shares of Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. KeyCorp reduced their target price on Parsons from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Wednesday. Bank of America cut their price target on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Benchmark reissued a “buy” rating and issued a $90.00 target price on shares of Parsons in a research note on Wednesday, February 26th. Finally, Robert W. Baird decreased their price target on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.