Envestnet Asset Management Inc. Grows Position in Parsons Corporation (NYSE:PSN)

Envestnet Asset Management Inc. lifted its holdings in shares of Parsons Corporation (NYSE:PSN) by 4.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 157,001 shares of the company’s stock after purchasing an additional 6,404 shares during the quarter. Envestnet Asset Management Inc. owned 0.15% of Parsons worth $9,296,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Discovery Capital Management LLC CT bought a new stake in Parsons during the fourth quarter valued at approximately $14,234,000. New York State Teachers Retirement System raised its position in shares of Parsons by 1.8% during the 1st quarter. New York State Teachers Retirement System now owns 11,317 shares of the company’s stock valued at $670,000 after buying an additional 200 shares in the last quarter. LPL Financial LLC lifted its holdings in shares of Parsons by 64.5% during the 4th quarter. LPL Financial LLC now owns 84,990 shares of the company’s stock worth $7,840,000 after acquiring an additional 33,312 shares during the last quarter. Janney Montgomery Scott LLC grew its position in Parsons by 152.0% in the first quarter. Janney Montgomery Scott LLC now owns 9,195 shares of the company’s stock worth $544,000 after acquiring an additional 5,546 shares in the last quarter. Finally, Sei Investments Co. grew its position in Parsons by 12.4% in the fourth quarter. Sei Investments Co. now owns 262,285 shares of the company’s stock worth $24,196,000 after acquiring an additional 29,025 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PSN shares. Stifel Nicolaus started coverage on Parsons in a report on Tuesday, June 24th. They issued a “buy” rating and a $81.00 price objective for the company. KeyCorp reissued an “overweight” rating and set a $82.00 price objective (up from $73.00) on shares of Parsons in a report on Wednesday, July 16th. The Goldman Sachs Group cut 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. Robert W. Baird cut shares of Parsons from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $72.00 to $69.00 in a research report on Thursday, May 1st. Finally, Truist Financial restated a “buy” rating and issued a $80.00 price objective (up from $70.00) on shares of Parsons in a report on Thursday, May 1st. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $85.20.

Parsons Trading Down 0.3%

Shares of PSN opened at $76.36 on Monday. The stock has a market capitalization of $8.16 billion, a P/E ratio of 32.22, a PEG ratio of 4.56 and a beta of 0.55. Parsons Corporation has a twelve month low of $54.56 and a twelve month high of $114.68. 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 firm has a fifty day simple moving average of $69.87 and a two-hundred day simple moving average of $69.78.

Parsons announced that its Board of Directors has approved a share repurchase program on Monday, March 24th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to buy up to 3.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

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.