Parsons Co. (NYSE:PSN) Stock Position Lowered by Prudential Financial Inc.

Prudential Financial Inc. cut its stake in Parsons Co. (NYSE:PSN - Free Report) by 64.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,780 shares of the company's stock after selling 53,404 shares during the period. Prudential Financial Inc.'s holdings in Parsons were worth $2,901,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cerity Partners LLC bought a new stake in Parsons in the 3rd quarter valued at about $759,000. The Manufacturers Life Insurance Company raised its holdings in shares of Parsons by 110.4% during the third quarter. The Manufacturers Life Insurance Company now owns 54,933 shares of the company's stock valued at $5,695,000 after buying an additional 28,820 shares during the last quarter. FMR LLC raised its holdings in shares of Parsons by 391.4% during the third quarter. FMR LLC now owns 195,850 shares of the company's stock valued at $20,306,000 after buying an additional 155,991 shares during the last quarter. MetLife Investment Management LLC boosted its position in shares of Parsons by 2,846.3% during the third quarter. MetLife Investment Management LLC now owns 24,130 shares of the company's stock worth $2,502,000 after buying an additional 23,311 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Parsons by 110.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 254,420 shares of the company's stock worth $26,378,000 after buying an additional 133,310 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

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Parsons Price Performance

Shares of PSN traded down $0.01 during trading hours on Monday, hitting $58.87. 1,542,930 shares of the company were exchanged, compared to its average volume of 1,047,390. 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 company has a market capitalization of $6.29 billion, a PE ratio of 77.46, a PEG ratio of 0.93 and a beta of 0.66. The firm has a fifty day simple moving average of $65.01 and a 200-day simple moving average of $87.53. Parsons Co. has a one year low of $54.56 and a one year high of $114.68.

Parsons declared that its Board of Directors has authorized a share buyback 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 generally a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. The Goldman Sachs Group reduced their price target on Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Bank of America reduced their price objective on shares of Parsons from $130.00 to $110.00 and set a "buy" rating for the company in a report on Tuesday, April 1st. Robert W. Baird lowered their target price on shares of Parsons from $125.00 to $78.00 and set an "outperform" rating on the stock in a research note on Thursday, February 20th. KeyCorp reduced their price target on shares of Parsons from $122.00 to $102.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Finally, Benchmark reiterated a "buy" rating and set a $90.00 price objective on shares of Parsons in a research note on Wednesday, February 26th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $100.50.

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.