Canal Insurance CO Increases Stock Holdings in Parsons Corporation (NYSE:PSN)

Canal Insurance CO boosted its position in shares of Parsons Corporation (NYSE:PSN - Free Report) by 66.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,000 shares of the company's stock after acquiring an additional 4,000 shares during the period. Canal Insurance CO's holdings in Parsons were worth $592,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Lecap Asset Management Ltd. bought a new position in Parsons in the 1st quarter valued at $1,477,000. LVZ Inc. increased its holdings in shares of Parsons by 13.9% in the first quarter. LVZ Inc. now owns 5,052 shares of the company's stock worth $299,000 after purchasing an additional 616 shares during the period. Masso Torrence Wealth Management Inc. purchased a new stake in shares of Parsons in the first quarter worth $793,000. Blue Trust Inc. boosted its stake in Parsons by 39.2% during the first quarter. Blue Trust Inc. now owns 3,153 shares of the company's stock valued at $187,000 after buying an additional 888 shares during the period. Finally, State of Alaska Department of Revenue boosted its stake in Parsons by 338.7% during the first quarter. State of Alaska Department of Revenue now owns 23,385 shares of the company's stock valued at $1,383,000 after buying an additional 18,055 shares during the period. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Stock Up 4.0%

Shares of NYSE:PSN opened at $71.23 on Friday. The stock has a market capitalization of $7.61 billion, a P/E ratio of 30.06, a price-to-earnings-growth ratio of 3.92 and a beta of 0.53. The stock's 50-day moving average price is $66.83 and its 200-day moving average price is $72.33. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.31. Parsons Corporation has a 12-month low of $54.56 and a 12-month high of $114.68.

Parsons declared that its Board of Directors has approved a share buyback program 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 shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PSN shares. Truist Financial reaffirmed a "buy" rating and issued a $80.00 price target (up previously from $70.00) on shares of Parsons in a report on Thursday, May 1st. 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 research report on Wednesday, April 16th. Jefferies Financial Group reissued a "hold" rating and issued a $65.00 price target (down previously from $75.00) on shares of Parsons in a research note on Monday, May 5th. The Goldman Sachs Group decreased their price target on shares of Parsons from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Wednesday, June 4th. Finally, Bank of America dropped their price objective on shares of Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a report on Tuesday, June 3rd. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $85.30.

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.

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