Allspring Global Investments Holdings LLC Cuts Holdings in Parsons Corporation (NYSE:PSN)

Allspring Global Investments Holdings LLC lowered its position in Parsons Corporation (NYSE:PSN - Free Report) by 8.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 706,265 shares of the company's stock after selling 68,218 shares during the period. Allspring Global Investments Holdings LLC owned about 0.66% of Parsons worth $42,065,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norden Group LLC purchased a new stake in Parsons during the fourth quarter worth about $499,000. Bank Julius Baer & Co. Ltd Zurich increased its holdings in Parsons by 15.4% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 86,149 shares of the company's stock worth $8,052,000 after buying an additional 11,520 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Parsons during the fourth quarter worth about $63,417,000. Discovery Capital Management LLC CT purchased a new stake in Parsons during the fourth quarter worth about $14,234,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Parsons by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 425,222 shares of the company's stock worth $39,227,000 after purchasing an additional 5,604 shares during the period. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Price Performance

NYSE:PSN traded up $1.03 during mid-day trading on Tuesday, hitting $72.80. 1,141,645 shares of the stock traded hands, compared to its average volume of 1,196,103. The business's 50-day moving average price is $67.12 and its 200 day moving average price is $71.65. The company has a market cap of $7.78 billion, a PE ratio of 30.72, a price-to-earnings-growth ratio of 4.07 and a beta of 0.53. Parsons Corporation has a 12-month low of $54.56 and a 12-month high of $114.68. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31.

Parsons declared that its board has approved a share buyback program on Monday, March 24th that authorizes the company to repurchase $250.00 million in 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 an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group cut their target price on shares of Parsons from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Wednesday, June 4th. Baird R W lowered shares of Parsons from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. Stifel Nicolaus assumed coverage on shares of Parsons in a research report on Tuesday, June 24th. They set a "buy" rating and a $81.00 target price for the company. Bank of America cut their target price on shares of Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a research report on Tuesday, June 3rd. Finally, Truist Financial reiterated a "buy" rating and set a $80.00 target price (up previously from $70.00) on shares of Parsons in a research report on Thursday, May 1st. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $85.30.

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.