California State Teachers Retirement System Sells 542 Shares of Parsons Co. (NYSE:PSN)

California State Teachers Retirement System reduced its holdings in Parsons Co. (NYSE:PSN) by 1.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 44,559 shares of the company’s stock after selling 542 shares during the period. California State Teachers Retirement System’s holdings in Parsons were worth $4,111,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PSN. CIBC Private Wealth Group LLC acquired a new stake in shares of Parsons in the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new stake in Parsons in the 4th quarter valued at $25,000. Huntington National Bank grew its position in Parsons by 28,900.0% in the 4th quarter. Huntington National Bank now owns 290 shares of the company’s stock worth $27,000 after purchasing an additional 289 shares during the last quarter. Quarry LP acquired a new stake in Parsons in the 4th quarter worth $30,000. Finally, Principal Securities Inc. bought a new position in shares of Parsons during the 4th quarter worth about $33,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PSN. Benchmark reiterated a “buy” rating and issued a $90.00 target price on shares of Parsons in a research note on Wednesday, February 26th. William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. KeyCorp decreased their price objective on Parsons from $76.00 to $73.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Truist Financial reissued a “buy” rating and set a $80.00 price objective (up previously from $70.00) on shares of Parsons in a report on Thursday, May 1st. Finally, Robert W. Baird lowered Parsons from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $72.00 to $69.00 in a report on Thursday, May 1st. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $88.70.

Parsons Trading Up 7.0%

PSN stock opened at $67.73 on Wednesday. Parsons Co. has a 1-year low of $54.56 and a 1-year high of $114.68. The firm has a market cap of $7.24 billion, a P/E ratio of 89.12, a P/E/G ratio of 0.93 and a beta of 0.57. The business’s 50 day moving average is $64.48 and its 200-day moving average is $75.45. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31.

Parsons announced that its board 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 generally an indication that the company’s management believes its stock is 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.