Parsons Co. (NYSE:PSN) Stock Position Cut by First Hawaiian Bank

First Hawaiian Bank trimmed its position in shares of Parsons Co. (NYSE:PSN - Free Report) by 53.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,564 shares of the company's stock after selling 20,959 shares during the period. First Hawaiian Bank's holdings in Parsons were worth $1,099,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PSN. Artisan Partners Limited Partnership grew its holdings in Parsons by 271.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company's stock valued at $190,932,000 after purchasing an additional 1,512,812 shares in the last quarter. Raymond James Financial Inc. bought a new position in Parsons during the 4th quarter valued at $63,417,000. Norges Bank bought a new position in Parsons during the 4th quarter valued at $59,447,000. Freestone Grove Partners LP bought a new position in Parsons during the 4th quarter valued at $40,318,000. Finally, FIL Ltd bought a new position in Parsons during the 4th quarter valued at $27,868,000. 98.02% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PSN shares. Benchmark reiterated a "buy" rating and set a $90.00 price objective on shares of Parsons in a research note on Wednesday, February 26th. Truist Financial reiterated a "buy" rating and set a $80.00 price objective (up from $70.00) on shares of Parsons in a research note on Thursday, May 1st. Jefferies Financial Group reiterated a "hold" rating and set a $65.00 price objective (down from $75.00) on shares of Parsons in a research note on Monday, May 5th. Baird R W downgraded shares of Parsons from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. Finally, Robert W. Baird lowered shares of Parsons from an "outperform" rating to a "neutral" rating and decreased their price target for the company 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 issued a buy rating to the company. According to data from MarketBeat.com, Parsons currently has a consensus rating of "Moderate Buy" and an average target price of $90.20.

Parsons Stock Performance

Shares of Parsons stock traded down $1.53 during trading on Monday, hitting $63.31. 1,453,767 shares of the stock were exchanged, compared to its average volume of 1,163,211. The stock's fifty day moving average is $64.29 and its 200 day moving average is $75.75. The stock has a market cap of $6.77 billion, a PE ratio of 83.30, a P/E/G ratio of 0.93 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. Parsons Co. has a 12 month low of $54.56 and a 12 month high of $114.68.

Parsons declared that its board has approved a stock repurchase program on Monday, March 24th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to buy up to 3.9% of its stock through open market purchases. Stock buyback programs are typically a sign 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.