Parsons Co. (NYSE:PSN) Stake Trimmed by Rhumbline Advisers

Rhumbline Advisers lowered its stake in Parsons Co. (NYSE:PSN) by 0.4% during the first quarter, HoldingsChannel reports. The firm owned 123,087 shares of the company’s stock after selling 436 shares during the period. Rhumbline Advisers’ holdings in Parsons were worth $7,288,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PSN. Empowered Funds LLC purchased a new position in Parsons in the 4th quarter worth about $1,449,000. Van ECK Associates Corp boosted its position in Parsons by 39.1% during the 4th quarter. Van ECK Associates Corp now owns 502,178 shares of the company’s stock worth $46,326,000 after acquiring an additional 141,282 shares during the period. New York State Teachers Retirement System boosted its position in Parsons by 3.8% during the 4th quarter. New York State Teachers Retirement System now owns 11,117 shares of the company’s stock worth $1,026,000 after acquiring an additional 409 shares during the period. Blue Trust Inc. boosted its position in Parsons by 117.6% during the 4th quarter. Blue Trust Inc. now owns 2,265 shares of the company’s stock worth $209,000 after acquiring an additional 1,224 shares during the period. Finally, Congress Asset Management Co. acquired a new stake in Parsons during the 4th quarter worth about $8,361,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Stock Down 0.2%

Shares of PSN stock opened at $69.61 on Thursday. The stock’s 50 day simple moving average is $65.55 and its 200 day simple moving average is $74.47. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. Parsons Co. has a twelve month low of $54.56 and a twelve month high of $114.68. The company has a market capitalization of $7.44 billion, a price-to-earnings ratio of 91.59, a PEG ratio of 0.93 and a beta of 0.53.

Parsons declared 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 outstanding shares. This repurchase authorization allows the company to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have commented on PSN shares. Robert W. Baird lowered Parsons from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $72.00 to $69.00 in a research report on Thursday, May 1st. Baird R W lowered Parsons from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 1st. Benchmark restated a “buy” rating and set a $90.00 price objective on shares of Parsons in a research report on Wednesday, February 26th. Truist Financial restated a “buy” rating and set a $80.00 price objective (up from $70.00) on shares of Parsons in a research report on Thursday, May 1st. Finally, The Goldman Sachs Group reduced their price target on Parsons from $90.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, June 4th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Parsons currently has an average rating of “Moderate Buy” and an average price target of $86.90.

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.