Parsons Co. (NYSE:PSN) Holdings Trimmed by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC cut its holdings in Parsons Co. (NYSE:PSN) by 15.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 23,825 shares of the company’s stock after selling 4,270 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Parsons were worth $2,198,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norden Group LLC bought a new stake in shares of Parsons in the 4th quarter worth approximately $499,000. Wolverine Asset Management LLC acquired a new stake in shares of Parsons during the 4th quarter valued at $577,000. Geode Capital Management LLC boosted its stake in shares of Parsons by 14.0% during the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock worth $80,146,000 after acquiring an additional 95,040 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Parsons by 12.5% in the 4th quarter. Truist Financial Corp now owns 45,253 shares of the company’s stock worth $4,175,000 after acquiring an additional 5,032 shares during the last quarter. Finally, Ieq Capital LLC raised its position in shares of Parsons by 676.6% during the fourth quarter. Ieq Capital LLC now owns 19,019 shares of the company’s stock worth $1,755,000 after purchasing an additional 16,570 shares during the period. 98.02% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PSN shares. TD Cowen lowered Parsons from a “buy” rating to a “hold” rating and set a $105.00 price target for the company. in a research report on Friday, February 21st. Raymond James downgraded shares of Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Jefferies Financial Group reduced their price target on shares of Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, January 24th. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. Finally, The Goldman Sachs Group reduced their target price on Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $99.44.

Parsons Stock Performance

Shares of NYSE PSN opened at $60.60 on Friday. 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 Co. has a one year low of $54.56 and a one year high of $114.68. The business’s 50-day moving average price is $69.31 and its two-hundred day moving average price is $89.46. The company has a market capitalization of $6.47 billion, a P/E ratio of 79.74, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78.

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

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.