Wealth Enhancement Advisory Services LLC Cuts Stake in Parsons Corporation (NYSE:PSN)

Wealth Enhancement Advisory Services LLC reduced its position in shares of Parsons Corporation (NYSE:PSN) by 17.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,782 shares of the company’s stock after selling 1,626 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Parsons were worth $461,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Bank Julius Baer & Co. Ltd Zurich increased its holdings in Parsons by 15.4% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 86,149 shares of the company’s stock valued at $8,052,000 after purchasing an additional 11,520 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Parsons in the fourth quarter valued at about $63,417,000. Discovery Capital Management LLC CT purchased a new position in shares of Parsons during the fourth quarter valued at approximately $14,234,000. Charles Schwab Investment Management Inc. increased its position in Parsons by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 425,222 shares of the company’s stock worth $39,227,000 after purchasing an additional 5,604 shares during the last quarter. Finally, LPL Financial LLC boosted its stake in shares of Parsons by 64.5% in the fourth quarter. LPL Financial LLC now owns 84,990 shares of the company’s stock valued at $7,840,000 after purchasing an additional 33,312 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Price Performance

Shares of Parsons stock opened at $74.62 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $7.98 billion, a price-to-earnings ratio of 31.49, a PEG ratio of 4.38 and a beta of 0.55. Parsons Corporation has a 52 week low of $54.56 and a 52 week high of $114.68. The stock’s 50-day simple moving average is $67.75 and its 200-day simple moving average is $71.20.

Parsons announced that its Board of Directors has initiated a stock repurchase plan on Monday, March 24th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have commented on PSN. Stifel Nicolaus began coverage on shares of Parsons in a research note on Tuesday, June 24th. They set a “buy” rating and a $81.00 target price on the stock. Baird R W downgraded shares of Parsons from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 1st. Jefferies Financial Group upped their target price on shares of Parsons from $70.00 to $80.00 and gave the company a “hold” rating in a research report on Wednesday. The Goldman Sachs Group lowered their target price on Parsons from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, June 4th. Finally, Bank of America cut their price objective on Parsons from $100.00 to $95.00 and set a “buy” rating for the company in a report on Tuesday, June 3rd. Five research analysts have rated the stock with a hold rating and seven 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 target price of $86.80.

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.