Parsons Co. (NYSE:PSN) Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC reduced its position in shares of Parsons Co. (NYSE:PSN) by 30.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,155 shares of the company’s stock after selling 6,596 shares during the period. Sterling Capital Management LLC’s holdings in Parsons were worth $1,398,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in shares of Parsons by 14.0% in the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock valued at $80,146,000 after buying an additional 95,040 shares during the period. Teachers Retirement System of The State of Kentucky acquired a new position in Parsons in the third quarter valued at approximately $850,000. TD Private Client Wealth LLC grew its holdings in shares of Parsons by 42.2% during the third quarter. TD Private Client Wealth LLC now owns 1,512 shares of the company’s stock valued at $157,000 after purchasing an additional 449 shares during the last quarter. Tidal Investments LLC raised its position in shares of Parsons by 140.9% during the 3rd quarter. Tidal Investments LLC now owns 7,214 shares of the company’s stock worth $748,000 after purchasing an additional 4,220 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in shares of Parsons by 11.8% in the 3rd quarter. Franklin Resources Inc. now owns 601,071 shares of the company’s stock worth $64,813,000 after purchasing an additional 63,657 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Trading Up 0.5 %

NYSE:PSN opened at $64.95 on Tuesday. The stock has a fifty day simple moving average of $62.76 and a 200 day simple moving average of $85.70. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 85.46, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. Parsons Co. has a 1-year low of $54.56 and a 1-year high of $114.68.

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

Analysts Set New Price Targets

PSN has been the subject of a number of recent research reports. The Goldman Sachs Group lowered their price objective on Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Bank of America dropped their price objective on shares of Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. Truist Financial dropped their price target on shares of Parsons from $85.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Benchmark reiterated a “buy” rating and set a $90.00 price objective on shares of Parsons in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Parsons presently has an average rating of “Moderate Buy” and an average price target of $96.50.

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.