Parsons Co. (NYSE:PSN) Position Decreased by Royal Bank of Canada

Royal Bank of Canada decreased its holdings in shares of Parsons Co. (NYSE:PSN) by 3.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 427,831 shares of the company’s stock after selling 16,177 shares during the period. Royal Bank of Canada owned approximately 0.40% of Parsons worth $39,468,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. CIBC Private Wealth Group LLC bought a new position in shares of Parsons during the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Parsons in the fourth quarter worth about $25,000. Huntington National Bank boosted its holdings in shares of Parsons by 28,900.0% in the fourth quarter. Huntington National Bank now owns 290 shares of the company’s stock worth $27,000 after buying an additional 289 shares during the period. Quarry LP acquired a new position in shares of Parsons in the fourth quarter worth about $30,000. Finally, Principal Securities Inc. acquired a new position in shares of Parsons in the fourth quarter worth about $33,000. Institutional investors own 98.02% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on PSN. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Baird R W cut shares of Parsons from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 1st. Benchmark reiterated a “buy” rating and issued a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. Bank of America decreased their target price 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. Finally, KeyCorp reduced their price target on shares of Parsons from $76.00 to $73.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Parsons has a consensus rating of “Moderate Buy” and an average price target of $90.20.

Parsons Price Performance

NYSE PSN opened at $68.06 on Friday. The company has a 50 day simple moving average of $63.58 and a 200-day simple moving average of $78.06. 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 capitalization of $7.27 billion, a price-to-earnings ratio of 89.56, a price-to-earnings-growth ratio of 0.93 and a beta of 0.57. Parsons Co. has a 52-week low of $54.56 and a 52-week high of $114.68.

Parsons declared that its Board of Directors has authorized a stock repurchase plan on Monday, March 24th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to buy up to 3.9% of its shares through open market purchases. Shares buyback plans are typically an indication 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.