Masso Torrence Wealth Management Inc. Invests $793,000 in Parsons Corporation (NYSE:PSN)

Masso Torrence Wealth Management Inc. bought a new position in shares of Parsons Corporation (NYSE:PSN) during the first quarter, Holdings Channel reports. The fund bought 13,392 shares of the company’s stock, valued at approximately $793,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Parsons by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 4,575,535 shares of the company’s stock worth $422,093,000 after purchasing an additional 59,545 shares during the period. Artisan Partners Limited Partnership raised its position in shares of Parsons by 271.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock worth $190,932,000 after purchasing an additional 1,512,812 shares during the period. Invesco Ltd. raised its position in shares of Parsons by 14.2% during the fourth quarter. Invesco Ltd. now owns 2,056,390 shares of the company’s stock worth $189,702,000 after purchasing an additional 255,810 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Parsons by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,189,811 shares of the company’s stock worth $109,762,000 after purchasing an additional 26,230 shares during the period. Finally, Fuller & Thaler Asset Management Inc. raised its position in shares of Parsons by 5.2% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,069,175 shares of the company’s stock worth $98,631,000 after purchasing an additional 52,522 shares during the period. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Stock Performance

Shares of NYSE PSN opened at $66.97 on Friday. The business’s 50-day moving average price is $66.52 and its two-hundred day moving average price is $72.97. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.29. Parsons Corporation has a one year low of $54.56 and a one year high of $114.68. The company has a market capitalization of $7.16 billion, a P/E ratio of 28.26, a price-to-earnings-growth ratio of 3.75 and a beta of 0.53.

Parsons declared that its Board of Directors has approved a share repurchase plan on Monday, March 24th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PSN shares. Benchmark reaffirmed a “buy” rating and set a $90.00 target price on shares of Parsons in a research report on Wednesday, February 26th. KeyCorp lowered their price target on Parsons from $76.00 to $73.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Truist Financial reiterated a “buy” rating and set a $80.00 price target (up previously from $70.00) on shares of Parsons in a report on Thursday, May 1st. The Goldman Sachs Group lowered their price target on Parsons from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, June 4th. Finally, Baird R W downgraded Parsons from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 1st. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $86.90.

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.