Wealth Enhancement Advisory Services LLC Acquires 3,701 Shares of Parsons Co. (NYSE:PSN)

Wealth Enhancement Advisory Services LLC grew its holdings in Parsons Co. (NYSE:PSN) by 64.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,408 shares of the company’s stock after acquiring an additional 3,701 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Parsons were worth $868,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Norden Group LLC bought a new stake in Parsons in the fourth quarter worth approximately $499,000. Wolverine Asset Management LLC bought a new stake in Parsons in the fourth quarter worth approximately $577,000. Truist Financial Corp grew its position in Parsons by 12.5% in the fourth quarter. Truist Financial Corp now owns 45,253 shares of the company’s stock worth $4,175,000 after acquiring an additional 5,032 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its position in Parsons by 15.4% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 86,149 shares of the company’s stock worth $8,052,000 after acquiring an additional 11,520 shares in the last quarter. Finally, Ieq Capital LLC grew its position in Parsons by 676.6% in the fourth quarter. Ieq Capital LLC now owns 19,019 shares of the company’s stock worth $1,755,000 after acquiring an additional 16,570 shares in the last quarter. 98.02% of the stock is owned by institutional investors.

Parsons Price Performance

Shares of Parsons stock opened at $69.58 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. Parsons Co. has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The firm has a fifty day moving average price of $65.16 and a two-hundred day moving average price of $74.53. The company has a market cap of $7.44 billion, a PE ratio of 91.56, a price-to-earnings-growth ratio of 0.93 and a beta of 0.53.

Parsons announced that its Board of Directors has authorized a share repurchase plan on Monday, March 24th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Robert W. Baird downgraded shares of Parsons from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $72.00 to $69.00 in a research report on Thursday, May 1st. TD Cowen cut shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 price objective for the company. in a research note on Friday, February 21st. KeyCorp reduced their price objective on shares of Parsons from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. Finally, Truist Financial restated a “buy” rating and issued a $80.00 price objective (up from $70.00) on shares of Parsons in a research note on Thursday, May 1st. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $86.90.

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.