Parsons Co. (NYSE:PSN) Shares Sold by Portolan Capital Management LLC

Portolan Capital Management LLC lessened its holdings in shares of Parsons Co. (NYSE:PSN - Free Report) by 38.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 23,281 shares of the company's stock after selling 14,316 shares during the quarter. Portolan Capital Management LLC's holdings in Parsons were worth $2,148,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in Parsons by 14.0% in the third quarter. Geode Capital Management LLC now owns 772,808 shares of the company's stock worth $80,146,000 after purchasing an additional 95,040 shares during the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in shares of Parsons in the 3rd quarter worth $850,000. TD Private Client Wealth LLC grew its position in shares of Parsons by 42.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,512 shares of the company's stock worth $157,000 after buying an additional 449 shares during the last quarter. Tidal Investments LLC increased its position in Parsons by 140.9% during the 3rd quarter. Tidal Investments LLC now owns 7,214 shares of the company's stock valued at $748,000 after buying an additional 4,220 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in Parsons by 11.8% in the 3rd quarter. Franklin Resources Inc. now owns 601,071 shares of the company's stock worth $64,813,000 after acquiring an additional 63,657 shares during the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Price Performance

NYSE:PSN traded up $0.50 during trading hours on Friday, hitting $65.03. The company's stock had a trading volume of 1,255,617 shares, compared to its average volume of 1,071,205. 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 business's 50-day moving average is $61.98 and its two-hundred day moving average is $85.13. The company 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 declared that its Board of Directors has authorized a stock repurchase program on Monday, March 24th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PSN shares. The Goldman Sachs Group cut their target price on shares of Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Benchmark reissued a "buy" rating and issued a $90.00 price target on shares of Parsons in a research note on Wednesday, February 26th. Raymond James cut Parsons from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. TD Cowen downgraded shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 price target for the company. in a research note on Friday, February 21st. Finally, Robert W. Baird dropped their target price on shares of Parsons from $125.00 to $78.00 and set an "outperform" rating on the stock in a research report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $93.60.

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.