Bank of Nova Scotia Sells 34,529 Shares of Parsons Co. (NYSE:PSN)

Bank of Nova Scotia trimmed its position in shares of Parsons Co. (NYSE:PSN - Free Report) by 10.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 290,169 shares of the company's stock after selling 34,529 shares during the period. Bank of Nova Scotia owned 0.27% of Parsons worth $26,768,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. FIL Ltd acquired a new position in Parsons in the 4th quarter valued at approximately $27,868,000. Invesco Ltd. boosted its position in Parsons by 14.2% during the fourth quarter. Invesco Ltd. now owns 2,056,390 shares of the company's stock valued at $189,702,000 after purchasing an additional 255,810 shares during the last quarter. Cerity Partners LLC grew its stake in Parsons by 12.8% in the fourth quarter. Cerity Partners LLC now owns 8,260 shares of the company's stock valued at $773,000 after purchasing an additional 938 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Parsons in the 4th quarter worth about $25,000. Finally, Federated Hermes Inc. raised its stake in shares of Parsons by 1.9% during the 4th quarter. Federated Hermes Inc. now owns 396,973 shares of the company's stock worth $36,621,000 after purchasing an additional 7,461 shares in the last quarter. 98.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PSN. Bank of America dropped their price objective on Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. TD Cowen lowered shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective for the company. in a research note on Friday, February 21st. Benchmark reiterated a "buy" rating and issued a $90.00 price objective on shares of Parsons in a report on Wednesday, February 26th. Truist Financial decreased their price target on Parsons from $85.00 to $70.00 and set a "buy" rating for the company in a research note on Monday. Finally, Raymond James downgraded Parsons from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Parsons presently has an average rating of "Moderate Buy" and an average price target of $96.50.

Parsons Stock Performance

Shares of PSN traded down $0.87 during mid-day trading on Tuesday, hitting $64.05. The company's stock had a trading volume of 414,033 shares, compared to its average volume of 1,514,107. Parsons Co. has a one year low of $54.56 and a one year high of $114.68. The stock's 50-day moving average is $62.76 and its two-hundred day moving average is $85.70. The firm has a market capitalization of $6.84 billion, a PE ratio of 84.28, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66. 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 announced that its board has authorized a stock buyback plan on Monday, March 24th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its shares are undervalued.

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.