Congress Wealth Management LLC DE Takes Position in Parsons Co. (NYSE:PSN)

Congress Wealth Management LLC DE bought a new position in shares of Parsons Co. (NYSE:PSN) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 16,664 shares of the company’s stock, valued at approximately $1,537,000.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Parsons by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 4,575,535 shares of the company’s stock worth $422,093,000 after purchasing an additional 59,545 shares during the last quarter. State Street Corp grew its stake in shares of Parsons by 60.6% in the third quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after buying an additional 616,707 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Parsons by 18.1% during the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock worth $123,685,000 after buying an additional 183,117 shares during the last quarter. Geode Capital Management LLC raised its position in Parsons by 14.0% during the third quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock worth $80,146,000 after acquiring an additional 95,040 shares in the last quarter. Finally, Channing Capital Management LLC grew its position in shares of Parsons by 10.2% in the 4th quarter. Channing Capital Management LLC now owns 743,047 shares of the company’s stock valued at $68,546,000 after acquiring an additional 68,599 shares during the period. 98.02% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PSN. Jefferies Financial Group lowered their price objective on shares of Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, January 24th. TD Cowen lowered Parsons from a “buy” rating to a “hold” rating and set a $105.00 price objective on the stock. in a research note on Friday, February 21st. KeyCorp cut their price objective on Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Benchmark reissued a “buy” rating and set a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. Finally, Robert W. Baird dropped their price target on 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 eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $99.44.

Parsons Stock Performance

Shares of NYSE PSN opened at $60.60 on Friday. 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 $6.47 billion, a price-to-earnings ratio of 79.74, a P/E/G ratio of 0.93 and a beta of 0.78. The stock’s fifty day moving average price is $69.31 and its two-hundred day moving average price is $89.46. Parsons Co. has a one year low of $54.56 and a one year high of $114.68.

Parsons declared that its board has approved a stock buyback plan on Monday, March 24th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is 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.