Washington Harbour Partners LP Buys Shares of 13,900 Parsons Co. (NYSE:PSN)

Washington Harbour Partners LP purchased a new position in Parsons Co. (NYSE:PSN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 13,900 shares of the company’s stock, valued at approximately $1,282,000. Parsons comprises approximately 2.4% of Washington Harbour Partners LP’s portfolio, making the stock its 20th largest position.

Other large investors have also recently made changes to their positions in the company. CIBC Private Wealth Group LLC purchased a new stake in Parsons in the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Parsons during the 4th quarter valued at about $25,000. Huntington National Bank grew its holdings in shares of Parsons by 28,900.0% in the fourth quarter. Huntington National Bank now owns 290 shares of the company’s stock valued at $27,000 after purchasing an additional 289 shares during the period. Quarry LP acquired a new stake in Parsons during the fourth quarter worth about $30,000. Finally, Principal Securities Inc. purchased a new position in Parsons during the fourth quarter worth about $33,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Trading Down 0.8%

Shares of NYSE PSN opened at $68.46 on Tuesday. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $7.32 billion, a PE ratio of 90.08, a PEG ratio of 0.93 and a beta of 0.57. Parsons Co. has a twelve month low of $54.56 and a twelve month high of $114.68. The stock has a fifty day simple moving average of $62.99 and a 200-day simple moving average of $78.49.

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

Analyst Ratings Changes

PSN has been the subject of several analyst reports. Robert W. Baird cut shares of Parsons from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $72.00 to $69.00 in a research note on Thursday, May 1st. Jefferies Financial Group reiterated a “hold” rating and issued a $65.00 price objective (down from $75.00) on shares of Parsons in a report on Monday, May 5th. Bank of America cut their target price on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, April 1st. Truist Financial restated a “buy” rating and issued a $80.00 target price (up previously from $70.00) on shares of Parsons in a research report on Thursday, May 1st. Finally, William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.