Parsons Co. (NYSE:PSN) Position Cut by Earnest Partners LLC

Earnest Partners LLC lowered its position in shares of Parsons Co. (NYSE:PSN - Free Report) by 1.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,064,975 shares of the company's stock after selling 28,729 shares during the quarter. Parsons makes up about 0.9% of Earnest Partners LLC's holdings, making the stock its 29th largest holding. Earnest Partners LLC owned 1.94% of Parsons worth $190,494,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. CIBC Private Wealth Group LLC acquired a new stake in shares of Parsons in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parsons in the fourth quarter valued at approximately $25,000. ORG Wealth Partners LLC acquired a new stake in shares of Parsons in the fourth quarter valued at approximately $26,000. Huntington National Bank increased 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 valued at $27,000 after purchasing an additional 289 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company's stock valued at $29,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

Parsons Stock Down 2.8 %

PSN traded down $1.91 during trading hours on Wednesday, reaching $66.75. 3,242,209 shares of the stock traded hands, compared to its average volume of 1,104,825. The firm's fifty day simple moving average is $61.11 and its two-hundred day simple moving average is $82.77. The company has a market cap of $7.13 billion, a price-to-earnings ratio of 87.83, a PEG ratio of 0.93 and a beta of 0.66. Parsons Co. has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55.

Parsons declared that its board has initiated a share buyback program on Monday, March 24th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PSN shares. Robert W. Baird decreased 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. TD Cowen lowered shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective on the stock. in a report on Friday, February 21st. KeyCorp dropped their target price on shares of Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Raymond James cut Parsons from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. Finally, William Blair raised Parsons from a "market perform" rating to an "outperform" rating in a research note on Tuesday, February 18th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $93.60.

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.