Legal & General Group Plc Reduces Position in Parsons Co. (NYSE:PSN)

Legal & General Group Plc cut its holdings in Parsons Co. (NYSE:PSN - Free Report) by 16.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 191,889 shares of the company's stock after selling 36,534 shares during the period. Legal & General Group Plc owned about 0.18% of Parsons worth $17,702,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PSN. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Parsons by 0.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 14,207 shares of the company's stock worth $1,311,000 after acquiring an additional 131 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Parsons by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,287 shares of the company's stock valued at $303,000 after buying an additional 163 shares in the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of Parsons by 0.6% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 32,126 shares of the company's stock valued at $2,964,000 after buying an additional 191 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Parsons by 224.7% in the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company's stock valued at $29,000 after buying an additional 218 shares during the last quarter. Finally, Xponance Inc. raised its stake in Parsons by 5.0% during the 4th quarter. Xponance Inc. now owns 5,254 shares of the company's stock worth $485,000 after acquiring an additional 250 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Performance

Shares of Parsons stock traded up $0.50 on Friday, reaching $65.03. 1,255,617 shares of the stock were exchanged, compared to its average volume of 1,073,060. 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 firm has a market capitalization of $6.94 billion, a PE ratio of 85.57, a PEG ratio of 0.93 and a beta of 0.66. Parsons Co. has a 1-year low of $54.56 and a 1-year high of $114.68. The business has a fifty day moving average price of $61.75 and a two-hundred day moving average price of $84.86.

Parsons declared that its board has initiated a stock repurchase program on Monday, March 24th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have recently commented on PSN. Benchmark reiterated a "buy" rating and set a $90.00 target price on shares of Parsons in a research report on Wednesday, February 26th. Truist Financial cut their price target on Parsons from $85.00 to $70.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. William Blair raised Parsons from a "market perform" rating to an "outperform" rating in a report on Tuesday, February 18th. Raymond James cut shares of Parsons from an "outperform" rating to a "market perform" rating in a report on Thursday, January 2nd. Finally, Robert W. Baird decreased their price target on shares of Parsons from $125.00 to $78.00 and set an "outperform" rating for the company in a research note on Thursday, February 20th. Two 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, the company has a consensus rating of "Moderate Buy" and a consensus price target of $93.60.

Parsons Company 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.