Independent Advisor Alliance Invests $2.76 Million in Parsons Co. (NYSE:PSN)

Independent Advisor Alliance acquired a new position in shares of Parsons Co. (NYSE:PSN) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 29,906 shares of the company’s stock, valued at approximately $2,759,000.

Other institutional investors also recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in shares of Parsons during the 4th quarter worth approximately $63,417,000. State Street Corp lifted its position in shares of Parsons by 60.6% during the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock worth $169,429,000 after buying an additional 616,707 shares during the period. Principal Financial Group Inc. lifted its position in shares of Parsons by 18.1% during the 3rd 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 period. FMR LLC lifted its position in shares of Parsons by 391.4% during the 3rd quarter. FMR LLC now owns 195,850 shares of the company’s stock worth $20,306,000 after buying an additional 155,991 shares during the period. Finally, Van ECK Associates Corp lifted its position in shares of Parsons by 39.1% during the 4th quarter. Van ECK Associates Corp now owns 502,178 shares of the company’s stock worth $46,326,000 after buying an additional 141,282 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PSN shares. Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Robert W. Baird cut their target price on Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. The Goldman Sachs Group cut their price objective on Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Jefferies Financial Group cut their price objective on Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, January 24th. Finally, Benchmark reiterated a “buy” rating and issued a $90.00 price objective on shares of Parsons in a research report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Parsons currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.44.

Parsons Trading Down 0.6 %

PSN stock opened at $57.26 on Thursday. The company has a market cap of $6.11 billion, a P/E ratio of 75.34, a PEG ratio of 0.93 and a beta of 0.78. Parsons Co. has a twelve month low of $54.56 and a twelve month high of $114.68. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The business has a fifty day moving average of $76.57 and a 200-day moving average of $92.08.

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.