Keybank National Association OH Buys 190,064 Shares of Parsons Corporation (NYSE:PSN)

Keybank National Association OH boosted its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 6,690.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 192,905 shares of the company's stock after purchasing an additional 190,064 shares during the period. Keybank National Association OH owned about 0.18% of Parsons worth $11,422,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd purchased a new stake in Parsons during the 4th quarter valued at $221,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Parsons by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 425,222 shares of the company's stock worth $39,227,000 after acquiring an additional 5,604 shares during the period. LVZ Inc. increased its position in Parsons by 18.3% during the fourth quarter. LVZ Inc. now owns 4,436 shares of the company's stock valued at $409,000 after acquiring an additional 686 shares during the last quarter. Raymond James Financial Inc. bought a new position in Parsons in the fourth quarter valued at about $63,417,000. Finally, Edgestream Partners L.P. bought a new position in Parsons in the fourth quarter valued at about $1,174,000. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Price Performance

Shares of PSN stock traded up $0.71 on Friday, hitting $74.62. 771,368 shares of the stock traded hands, compared to its average volume of 1,202,217. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.29. Parsons Corporation has a 52 week low of $54.56 and a 52 week high of $114.68. The firm has a 50 day simple moving average of $67.75 and a two-hundred day simple moving average of $71.37. The firm has a market cap of $7.98 billion, a price-to-earnings ratio of 31.49, a PEG ratio of 4.38 and a beta of 0.55.

Parsons announced that its Board of Directors has initiated a stock repurchase plan on Monday, March 24th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. KeyCorp cut their price target on Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Truist Financial reissued a "buy" rating and issued a $80.00 price objective (up previously from $70.00) on shares of Parsons in a report on Thursday, May 1st. Jefferies Financial Group upped their target price on shares of Parsons from $70.00 to $80.00 and gave the company a "hold" rating in a report on Wednesday. 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, Bank of America dropped their price target on shares of Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a research note 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. According to data from MarketBeat, Parsons presently has a consensus rating of "Moderate Buy" and an average target price of $86.80.

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.