Teacher Retirement System of Texas Has $3.02 Million Holdings in Parsons Co. (NYSE:PSN)

Teacher Retirement System of Texas lifted its position in shares of Parsons Co. (NYSE:PSN - Free Report) by 89.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,752 shares of the company's stock after buying an additional 15,419 shares during the period. Teacher Retirement System of Texas' holdings in Parsons were worth $3,021,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Raymond James Financial Inc. bought a new stake in Parsons during the fourth quarter worth about $63,417,000. State Street Corp raised its stake in Parsons by 60.6% in the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company's stock valued at $169,429,000 after acquiring an additional 616,707 shares during the period. Principal Financial Group Inc. boosted its position in Parsons by 18.1% during the third 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 during the period. FMR LLC increased its holdings in shares of Parsons by 391.4% in the third quarter. FMR LLC now owns 195,850 shares of the company's stock valued at $20,306,000 after purchasing an additional 155,991 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of Parsons by 39.1% in the fourth quarter. Van ECK Associates Corp now owns 502,178 shares of the company's stock valued at $46,326,000 after purchasing an additional 141,282 shares during the period. 98.02% of the stock is currently owned by institutional investors.

Parsons Price Performance

Shares of NYSE PSN traded down $1.18 during mid-day trading on Friday, reaching $59.37. The company had a trading volume of 599,098 shares, compared to its average volume of 1,031,276. Parsons Co. has a one year low of $54.56 and a one year high of $114.68. The business's 50-day simple moving average is $68.59 and its 200 day simple moving average is $89.16. 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 firm has a market cap of $6.34 billion, a price-to-earnings ratio of 78.12, a PEG ratio of 0.93 and a beta of 0.78.

Remove Ads

Parsons announced that its Board of Directors has authorized a share buyback program on Monday, March 24th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages recently commented on PSN. Benchmark reaffirmed a "buy" rating and set a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. The Goldman Sachs Group reduced their price objective on Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. TD Cowen lowered Parsons from a "buy" rating to a "hold" rating and set a $105.00 target price on the stock. in a research note on Friday, February 21st. William Blair upgraded Parsons from a "market perform" rating to an "outperform" rating in a research note on Tuesday, February 18th. Finally, Jefferies Financial Group lowered their price objective on Parsons from $110.00 to $100.00 and set a "buy" rating on the stock in a research report on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $99.44.

Parsons Company 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.