Franklin Resources Inc. Acquires 39,595 Shares of Parsons Co. (NYSE:PSN)

by · The Cerbat Gem

Franklin Resources Inc. boosted its holdings in shares of Parsons Co. (NYSE:PSN – Free Report) by 6.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 640,666 shares of the company’s stock after purchasing an additional 39,595 shares during the quarter. Franklin Resources Inc.’s holdings in Parsons were worth $59,101,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC bought a new stake in shares of Parsons in the fourth quarter valued at approximately $25,000. Arrowstreet Capital Limited Partnership boosted its holdings in Parsons by 117.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 46,304 shares of the company’s stock valued at $4,272,000 after purchasing an additional 25,046 shares during the period. Vertex Planning Partners LLC acquired a new stake in Parsons in the 4th quarter worth $935,000. Pictet Asset Management Holding SA increased its holdings in shares of Parsons by 25.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 7,754 shares of the company’s stock worth $715,000 after purchasing an additional 1,568 shares during the period. Finally, New Age Alpha Advisors LLC bought a new position in Parsons during the fourth quarter valued at about $2,996,000. Institutional investors and hedge funds own 98.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. TD Cowen cut shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 price objective for the company. in a research note on Friday, February 21st. KeyCorp reduced their price objective on Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. The Goldman Sachs Group lowered 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. Raymond James lowered Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Finally, William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Parsons has an average rating of “Moderate Buy” and a consensus price target of $100.50.

Read Our Latest Analysis on Parsons

Parsons Price Performance

NYSE PSN opened at $60.99 on Friday. The stock has a market cap of $6.51 billion, a price-to-earnings ratio of 80.25, a PEG ratio of 0.93 and a beta of 0.66. Parsons Co. has a 52-week low of $54.56 and a 52-week high of $114.68. The business has a 50 day simple moving average of $66.02 and a 200 day simple moving average of $88.23. 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 announced that its board has initiated a stock buyback 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Parsons Company Profile

(Free Report)

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.

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