Discovery Capital Management LLC CT Buys New Shares in Parsons Co. (NYSE:PSN)

Discovery Capital Management LLC CT acquired a new stake in Parsons Co. (NYSE:PSN) during the fourth quarter, according to 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. Discovery Capital Management LLC CT owned 0.15% of Parsons as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently modified their holdings of the company. Artisan Partners Limited Partnership increased its holdings in Parsons by 271.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock worth $190,932,000 after buying an additional 1,512,812 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Parsons in the 4th quarter valued at $63,417,000. Norges Bank acquired a new stake in shares of Parsons in the fourth quarter worth $59,447,000. State Street Corp raised its holdings in shares of Parsons by 60.6% during the third quarter. State Street Corp now owns 1,634,155 shares of the company’s stock worth $169,429,000 after purchasing an additional 616,707 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in Parsons by 18.1% during the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after purchasing an additional 183,117 shares during the period. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. KeyCorp reduced their price objective on Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Benchmark reiterated a “buy” rating and set a $90.00 price target on shares of Parsons in a research report on Wednesday, February 26th. Robert W. Baird lowered their price objective on Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Raymond James lowered shares of Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Finally, Jefferies Financial Group lowered their price target on shares of Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, January 24th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Parsons presently has an average rating of “Moderate Buy” and a consensus price target of $99.44.

Parsons Price Performance

Shares of Parsons stock opened at $59.30 on Tuesday. The stock has a market capitalization of $6.33 billion, a P/E ratio of 78.02, a PEG ratio of 0.93 and a beta of 0.78. The business has a 50 day simple moving average of $67.87 and a two-hundred day simple moving average of $88.87. Parsons Co. has a 12 month low of $54.56 and a 12 month high of $114.68. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55.

Parsons announced that its Board of Directors has initiated a stock repurchase program on Monday, March 24th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

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.