Sherbrooke Park Advisers LLC Makes New Investment in Parsons Co. (NYSE:PSN)

Sherbrooke Park Advisers LLC purchased a new position in shares of Parsons Co. (NYSE:PSN) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,492 shares of the company’s stock, valued at approximately $876,000.

Several other hedge funds have also added to or reduced their stakes in PSN. Wealth Enhancement Advisory Services LLC increased its stake in shares of Parsons by 12.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,442 shares of the company’s stock worth $594,000 after buying an additional 735 shares during the period. Burney Co. grew its holdings in shares of Parsons by 2.1% during the 4th quarter. Burney Co. now owns 25,352 shares of the company’s stock worth $2,339,000 after acquiring an additional 530 shares during the period. Certified Advisory Corp raised its holdings in Parsons by 8.4% in the fourth quarter. Certified Advisory Corp now owns 6,228 shares of the company’s stock worth $575,000 after purchasing an additional 485 shares in the last quarter. Wedge Capital Management L L P NC lifted its position in Parsons by 12.8% during the fourth quarter. Wedge Capital Management L L P NC now owns 680,311 shares of the company’s stock valued at $62,759,000 after buying an additional 77,358 shares during the period. Finally, Merit Financial Group LLC bought a new stake in shares of Parsons during the 4th quarter valued at $566,000. 98.02% of the stock is owned by institutional investors.

Parsons Trading Up 2.1%

Shares of PSN stock opened at $68.31 on Friday. The stock has a fifty day simple moving average of $62.54 and a two-hundred day simple moving average of $79.44. The firm has a market capitalization of $7.30 billion, a PE ratio of 89.88, a PEG ratio of 0.93 and a beta of 0.57. 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.

Parsons declared that its board has approved a stock repurchase program on Monday, March 24th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. TD Cowen downgraded Parsons from a “buy” rating to a “hold” rating and set a $105.00 price target on the stock. in a research note on Friday, February 21st. Jefferies Financial Group reissued a “hold” rating and issued a $65.00 target price (down previously from $75.00) on shares of Parsons in a research report on Monday, May 5th. Benchmark reaffirmed a “buy” rating and set a $90.00 price target on shares of Parsons in a report on Wednesday, February 26th. William Blair upgraded 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 set a $80.00 price target (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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $90.20.

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.