Discovery Capital Management LLC CT Invests $14.23 Million in Parsons Co. (NYSE:PSN)

Discovery Capital Management LLC CT acquired a new stake in Parsons Co. (NYSE:PSN) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 154,300 shares of the company’s stock, valued at approximately $14,234,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Parsons by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 4,575,535 shares of the company’s stock valued at $422,093,000 after purchasing an additional 59,545 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in Parsons by 271.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock valued at $190,932,000 after buying an additional 1,512,812 shares during the last quarter. State Street Corp lifted its position in Parsons by 60.6% in the third quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after buying an additional 616,707 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Parsons by 18.1% during the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock worth $123,685,000 after buying an additional 183,117 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Parsons by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 778,892 shares of the company’s stock valued at $71,875,000 after acquiring an additional 6,084 shares during the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Price Performance

PSN stock opened at $59.30 on Tuesday. The business’s 50-day moving average is $67.87 and its two-hundred day moving average is $88.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. The firm has a market capitalization of $6.33 billion, a P/E ratio of 78.02, a P/E/G ratio of 0.93 and a beta of 0.78. Parsons Co. has a 1 year low of $54.56 and a 1 year high of $114.68.

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

Analyst Ratings Changes

Several equities analysts have recently commented on PSN shares. KeyCorp lowered their price objective on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. Jefferies Financial Group dropped their price objective on Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, January 24th. Robert W. Baird lowered their target price on Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Finally, The Goldman Sachs Group reduced their price target on shares of Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $99.44.

Parsons Company 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.