Artisan Partners Limited Partnership Purchases 1,512,812 Shares of Parsons Co. (NYSE:PSN)

Artisan Partners Limited Partnership grew its position in Parsons Co. (NYSE:PSN) by 271.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,069,724 shares of the company’s stock after purchasing an additional 1,512,812 shares during the quarter. Artisan Partners Limited Partnership owned approximately 1.95% of Parsons worth $190,932,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of PSN. Norden Group LLC bought a new stake in Parsons during the fourth quarter valued at $499,000. Wolverine Asset Management LLC bought a new stake in shares of Parsons during the 4th quarter valued at about $577,000. Geode Capital Management LLC boosted its position in shares of Parsons by 14.0% during the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock valued at $80,146,000 after purchasing an additional 95,040 shares in the last quarter. Truist Financial Corp grew its stake in Parsons by 12.5% during the fourth quarter. Truist Financial Corp now owns 45,253 shares of the company’s stock worth $4,175,000 after purchasing an additional 5,032 shares during the period. Finally, Ieq Capital LLC increased its holdings 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 purchasing an additional 16,570 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Performance

Shares of PSN opened at $61.17 on Thursday. Parsons Co. has a 52 week low of $54.56 and a 52 week high of $114.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The stock has a 50 day moving average price of $70.00 and a two-hundred day moving average price of $89.66. The firm has a market capitalization of $6.53 billion, a P/E ratio of 80.49, a P/E/G ratio of 0.93 and a beta of 0.78.

Parsons announced that its board has approved 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 repurchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

PSN has been the subject of several recent analyst reports. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. The Goldman Sachs Group reduced their price target on shares of Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Robert W. Baird cut their price objective on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Benchmark reaffirmed a “buy” rating and issued a $90.00 target price on shares of Parsons in a research report on Wednesday, February 26th. Finally, KeyCorp cut their price target on Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $99.44.

About Parsons

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.