Canada Pension Plan Investment Board Sells 77,100 Shares of Parsons Co. (NYSE:PSN)

Canada Pension Plan Investment Board reduced its holdings in Parsons Co. (NYSE:PSN) by 53.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 66,700 shares of the company’s stock after selling 77,100 shares during the quarter. Canada Pension Plan Investment Board owned about 0.06% of Parsons worth $6,153,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Tidal Investments LLC boosted its stake in Parsons by 140.9% during the third quarter. Tidal Investments LLC now owns 7,214 shares of the company’s stock worth $748,000 after acquiring an additional 4,220 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Parsons by 11.8% during 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 in the last quarter. Retirement Systems of Alabama acquired a new stake in shares of Parsons in the 3rd quarter valued at about $5,884,000. Principal Financial Group Inc. increased its position in Parsons by 18.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after buying an additional 183,117 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Parsons by 224.7% during the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock worth $29,000 after buying an additional 218 shares during the period. 98.02% of the stock is currently owned by institutional investors.

Parsons Trading Down 3.0 %

NYSE PSN opened at $63.16 on Tuesday. The stock has a market capitalization of $6.74 billion, a price-to-earnings ratio of 83.11, a PEG ratio of 0.93 and a beta of 0.66. The business’s fifty day moving average is $61.49 and its 200-day moving average is $84.26. 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.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PSN. TD Cowen downgraded Parsons from a “buy” rating to a “hold” rating and set a $105.00 price objective for the company. in a report on Friday, February 21st. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. 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 research note on Tuesday, April 1st. Jefferies Financial Group lowered their target price 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. Finally, KeyCorp lowered their price objective on Parsons from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Parsons has a consensus rating of “Moderate Buy” and an average target price of $93.60.

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.