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

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

Other institutional investors and hedge funds also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in shares of Parsons during the fourth quarter worth $63,417,000. State Street Corp grew 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. increased its stake in shares of Parsons by 18.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after acquiring an additional 183,117 shares during the last quarter. FMR LLC raised its position in shares of Parsons by 391.4% in the 3rd quarter. FMR LLC now owns 195,850 shares of the company’s stock valued at $20,306,000 after acquiring an additional 155,991 shares during the period. Finally, Van ECK Associates Corp boosted its stake in 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 acquiring an additional 141,282 shares during the last quarter. Institutional investors own 98.02% of the company’s stock.

Parsons Stock Down 1.0 %

NYSE:PSN opened at $60.60 on Friday. The company has a market cap of $6.47 billion, a PE ratio of 79.74, a PEG ratio of 0.93 and a beta of 0.78. The stock has a 50-day simple moving average of $69.31 and a 200 day simple moving average of $89.46. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. Parsons Co. has a 52-week low of $54.56 and a 52-week high of $114.68.

Parsons announced that its board has initiated a share 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 purchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Jefferies Financial Group lowered their target price on shares of Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, January 24th. TD Cowen downgraded 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. William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Benchmark restated a “buy” rating and issued a $90.00 price target on shares of Parsons in a report on Wednesday, February 26th. Finally, The Goldman Sachs Group cut their price objective on Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Parsons presently has a consensus rating of “Moderate Buy” and an average price target of $99.44.

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.