Needham Investment Management LLC Raises Stock Holdings in Parsons Co. (NYSE:PSN)

Needham Investment Management LLC raised its position in Parsons Co. (NYSE:PSN) by 0.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 277,000 shares of the company’s stock after buying an additional 2,000 shares during the quarter. Parsons makes up approximately 2.0% of Needham Investment Management LLC’s portfolio, making the stock its 12th biggest position. Needham Investment Management LLC owned approximately 0.26% of Parsons worth $25,553,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Parsons by 0.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 14,207 shares of the company’s stock worth $1,311,000 after purchasing an additional 131 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Parsons by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 3,287 shares of the company’s stock worth $303,000 after purchasing an additional 163 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Parsons by 0.6% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 32,126 shares of the company’s stock worth $2,964,000 after purchasing an additional 191 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Parsons by 224.7% during the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock worth $29,000 after purchasing an additional 218 shares during the last quarter. Finally, Xponance Inc. raised its stake in shares of Parsons by 5.0% during the fourth quarter. Xponance Inc. now owns 5,254 shares of the company’s stock worth $485,000 after purchasing an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Stock Up 1.6%

Parsons stock opened at $65.11 on Tuesday. 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 firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of 85.67, a price-to-earnings-growth ratio of 0.93 and a beta of 0.57. Parsons Co. has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The stock’s fifty day moving average is $62.06 and its two-hundred day moving average is $79.88.

Parsons announced that its board has approved a share repurchase plan on Monday, March 24th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 3.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PSN shares. KeyCorp cut their price objective on Parsons from $76.00 to $73.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Truist Financial reiterated a “buy” rating and issued a $80.00 price objective (up previously from $70.00) on shares of Parsons in a research report on Thursday, May 1st. Bank of America cut their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. Robert W. Baird cut Parsons from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $72.00 to $69.00 in a research report on Thursday, May 1st. Finally, Benchmark reiterated a “buy” rating and issued a $90.00 price objective on shares of Parsons in a research report on Wednesday, February 26th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average 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.