Granite Investment Partners LLC Sells 17,863 Shares of Parsons Co. (NYSE:PSN)

Granite Investment Partners LLC decreased its holdings in shares of Parsons Co. (NYSE:PSN - Free Report) by 42.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 24,021 shares of the company's stock after selling 17,863 shares during the period. Granite Investment Partners LLC's holdings in Parsons were worth $2,216,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. CIBC Private Wealth Group LLC bought a new position in shares of Parsons in the fourth quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Parsons during the fourth quarter worth approximately $25,000. ORG Wealth Partners LLC bought a new position in shares of Parsons during the fourth quarter valued at about $26,000. Huntington National Bank increased its stake in Parsons by 28,900.0% in the 4th quarter. Huntington National Bank now owns 290 shares of the company's stock worth $27,000 after purchasing an additional 289 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company's stock worth $29,000 after buying an additional 218 shares during the period. 98.02% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Benchmark reaffirmed a "buy" rating and set a $90.00 price objective on shares of Parsons in a research note on Wednesday, February 26th. Raymond James lowered shares of Parsons from an "outperform" rating to a "market perform" rating in a report on Thursday, January 2nd. The Goldman Sachs Group lowered their target price on Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Truist Financial lowered their price objective on Parsons from $85.00 to $70.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Robert W. Baird dropped their price target on shares of Parsons from $125.00 to $78.00 and set an "outperform" rating on the stock in a report on Thursday, February 20th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $93.60.

Parsons Price Performance

Shares of PSN stock traded up $0.50 on Friday, hitting $65.03. 1,255,617 shares of the stock traded hands, compared to its average volume of 1,073,060. 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 current ratio of 1.29 and a quick ratio of 1.55. The firm has a market cap of $6.94 billion, a price-to-earnings ratio of 85.57, a PEG ratio of 0.93 and a beta of 0.66. The firm has a 50 day simple moving average of $61.75 and a two-hundred day simple moving average of $84.86.

Parsons declared that its board has approved a stock repurchase program on Monday, March 24th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.9% of its shares through open market purchases. Shares repurchase programs are typically 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.