Fourth Dimension Wealth LLC Makes New $228,000 Investment in Parsons Co. (NYSE:PSN)

Fourth Dimension Wealth LLC acquired a new position in shares of Parsons Co. (NYSE:PSN) during the 4th quarter, Holdings Channel.com reports. The fund acquired 2,467 shares of the company’s stock, valued at approximately $228,000.

Other large investors have also recently added to or reduced their stakes in the company. Norden Group LLC bought a new stake in Parsons during the fourth quarter worth about $499,000. Wolverine Asset Management LLC bought a new stake in Parsons during the fourth quarter worth about $577,000. Truist Financial Corp grew its stake in Parsons by 12.5% during the fourth quarter. Truist Financial Corp now owns 45,253 shares of the company’s stock worth $4,175,000 after buying an additional 5,032 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its stake in Parsons by 15.4% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 86,149 shares of the company’s stock worth $8,052,000 after buying an additional 11,520 shares during the last quarter. Finally, Ieq Capital LLC grew its stake in 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 buying an additional 16,570 shares during the last quarter. 98.02% of the stock is owned by institutional investors.

Parsons Stock Up 1.3%

Shares of PSN opened at $68.06 on Friday. The firm has a market capitalization of $7.27 billion, a price-to-earnings ratio of 89.56, a PEG ratio of 0.93 and a beta of 0.57. 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 business’s fifty day moving average price is $63.58 and its two-hundred day moving average price is $78.06. Parsons Co. has a 52 week low of $54.56 and a 52 week high of $114.68.

Parsons declared that its board has authorized a share buyback plan on Monday, March 24th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have weighed in on PSN shares. Jefferies Financial Group reaffirmed a “hold” rating and set a $65.00 price objective (down from $75.00) on shares of Parsons in a research note on Monday, May 5th. Truist Financial reissued a “buy” rating and issued a $80.00 price target (up previously from $70.00) on shares of Parsons in a report on Thursday, May 1st. Bank of America lowered their price target on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Robert W. Baird lowered Parsons from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $72.00 to $69.00 in a research report on Thursday, May 1st. Finally, William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.20.

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.