Loomis Sayles & Co. L P Sells 77,411 Shares of Parsons Co. (NYSE:PSN)

Loomis Sayles & Co. L P lessened its holdings in Parsons Co. (NYSE:PSN - Free Report) by 25.1% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 231,475 shares of the company's stock after selling 77,411 shares during the period. Loomis Sayles & Co. L P owned approximately 0.22% of Parsons worth $21,353,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PSN. Fisher Asset Management LLC increased its holdings in Parsons by 2.1% during the third quarter. Fisher Asset Management LLC now owns 4,364 shares of the company's stock worth $452,000 after buying an additional 90 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew 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 valued at $1,311,000 after acquiring an additional 131 shares during the period. CIBC Asset Management Inc increased its stake in shares of Parsons by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,287 shares of the company's stock worth $303,000 after purchasing an additional 163 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings 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 worth $2,964,000 after purchasing an additional 191 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company's stock valued at $29,000 after purchasing an additional 218 shares during the last quarter. 98.02% of the stock is owned by institutional investors.

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Analyst Ratings Changes

PSN has been the topic of several research reports. William Blair upgraded Parsons from a "market perform" rating to an "outperform" rating in a research note on Tuesday, February 18th. Bank of America lowered their price objective on Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research note on Tuesday. Benchmark reiterated a "buy" rating and set a $90.00 target price on shares of Parsons in a research report on Wednesday, February 26th. KeyCorp lowered their price target on shares of Parsons from $122.00 to $102.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Finally, Raymond James cut shares of Parsons from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Parsons currently has an average rating of "Moderate Buy" and an average target price of $100.50.

Parsons Price Performance

Parsons stock traded up $0.16 during midday trading on Tuesday, reaching $59.37. 474,668 shares of the stock were exchanged, compared to its average volume of 1,028,490. Parsons Co. has a 52 week low of $54.56 and a 52 week high of $114.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The firm has a market cap of $6.34 billion, a PE ratio of 78.14, a PEG ratio of 0.93 and a beta of 0.78. The company's fifty day moving average is $67.87 and its 200-day moving average is $88.87.

Parsons announced that its board has initiated a stock buyback plan on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to buy up to 3.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

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.