Russell Investments Group Ltd. Reduces Stake in Parsons Co. (NYSE:PSN)

Russell Investments Group Ltd. cut its holdings in shares of Parsons Co. (NYSE:PSN) by 15.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 45,126 shares of the company’s stock after selling 8,226 shares during the period. Russell Investments Group Ltd.’s holdings in Parsons were worth $4,163,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC increased its position in Parsons by 14.0% during the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock valued at $80,146,000 after purchasing an additional 95,040 shares during the period. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Parsons during the third quarter valued at about $850,000. Tidal Investments LLC raised its stake in Parsons by 140.9% in the third quarter. Tidal Investments LLC now owns 7,214 shares of the company’s stock worth $748,000 after buying an additional 4,220 shares in the last quarter. Franklin Resources Inc. raised its stake in Parsons by 11.8% in the third quarter. Franklin Resources Inc. now owns 601,071 shares of the company’s stock worth $64,813,000 after buying an additional 63,657 shares in the last quarter. Finally, Retirement Systems of Alabama purchased a new stake in Parsons in the third quarter worth about $5,884,000. Institutional investors own 98.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PSN shares. Jefferies Financial Group decreased their target price on 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 Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. KeyCorp dropped their target price on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Raymond James lowered shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Finally, Robert W. Baird dropped their price objective on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $96.50.

Parsons Stock Performance

Shares of PSN opened at $64.09 on Wednesday. Parsons Co. has a 12 month low of $54.56 and a 12 month high of $114.68. The business’s fifty day simple moving average is $62.49 and its two-hundred day simple moving average is $85.55. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31. The company has a market cap of $6.84 billion, a price-to-earnings ratio of 84.32, a P/E/G ratio of 0.93 and a beta of 0.66.

Parsons declared that its board has initiated a stock buyback plan on Monday, March 24th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are 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.