Sterling Capital Management LLC Cuts Position in Parsons Co. (NYSE:PSN)

Sterling Capital Management LLC reduced its position in shares of Parsons Co. (NYSE:PSN - Free Report) by 30.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,155 shares of the company's stock after selling 6,596 shares during the period. Sterling Capital Management LLC's holdings in Parsons were worth $1,398,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Parsons by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 4,575,535 shares of the company's stock valued at $422,093,000 after buying an additional 59,545 shares during the period. Artisan Partners Limited Partnership raised its stake in shares of Parsons by 271.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company's stock valued at $190,932,000 after acquiring an additional 1,512,812 shares in the last quarter. Invesco Ltd. boosted its holdings in Parsons by 14.2% in 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 period. Principal Financial Group Inc. grew its stake in Parsons by 18.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company's stock worth $123,685,000 after purchasing an additional 183,117 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Parsons by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 778,892 shares of the company's stock worth $71,875,000 after purchasing an additional 6,084 shares during the period. Institutional investors and hedge funds own 98.02% of the company's stock.

Analysts Set New Price Targets

PSN has been the subject of several recent research reports. Raymond James cut Parsons from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. Jefferies Financial Group decreased their price target on shares of Parsons from $110.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, January 24th. KeyCorp lowered their price target on shares of Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a report on Wednesday. Truist Financial decreased their price objective on shares of Parsons from $85.00 to $70.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, TD Cowen downgraded shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 target price for the company. in a research note on Friday, February 21st. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $93.60.

Parsons Stock Performance

Shares of PSN stock traded up $0.50 during mid-day trading on Friday, hitting $65.03. 1,255,617 shares of the stock were exchanged, compared to its average volume of 1,073,060. 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 stock has a market capitalization of $6.94 billion, a price-to-earnings ratio of 85.57, a P/E/G ratio of 0.93 and a beta of 0.66. The stock's fifty day simple moving average is $61.75 and its two-hundred day simple moving average is $84.86. Parsons Co. has a 12-month low of $54.56 and a 12-month high of $114.68.

Parsons declared that its Board of Directors has authorized a stock repurchase plan on Monday, March 24th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is 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.