Parsons Co. (NYSE:PSN) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC lessened its stake in shares of Parsons Co. (NYSE:PSN - Free Report) by 15.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,825 shares of the company's stock after selling 4,270 shares during the quarter. Commonwealth Equity Services LLC's holdings in Parsons were worth $2,198,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PSN. ORG Wealth Partners LLC acquired a new position in Parsons during the fourth quarter worth approximately $26,000. True Wealth Design LLC purchased a new position in shares of Parsons during the third quarter worth approximately $30,000. GAMMA Investing LLC increased its holdings 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 acquiring an additional 218 shares during the period. Principal Securities Inc. purchased a new stake in Parsons in the 4th quarter valued at $33,000. Finally, R Squared Ltd acquired a new stake in Parsons during the 4th quarter worth $38,000. Hedge funds and other institutional investors own 98.02% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on PSN. The Goldman Sachs Group dropped their price objective on shares of Parsons from $109.00 to $98.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Raymond James cut shares of Parsons from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. Robert W. Baird reduced their target price 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. KeyCorp dropped their price target on shares of Parsons from $122.00 to $102.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 8th. Finally, TD Cowen downgraded shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective for the company. in a research report on Friday, February 21st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Parsons presently has a consensus rating of "Moderate Buy" and a consensus target price of $99.44.

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Parsons Price Performance

Shares of NYSE:PSN traded down $0.62 during midday trading on Monday, hitting $58.81. 63,548 shares of the stock were exchanged, compared to its average volume of 1,027,487. Parsons Co. has a twelve month low of $54.56 and a twelve month high of $114.68. 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 50 day moving average price of $68.59 and a 200-day moving average price of $89.12. The stock has a market cap of $6.28 billion, a P/E ratio of 77.38, a PEG ratio of 0.93 and a beta of 0.78.

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