Mackenzie Financial Corp Sells 320,319 Shares of Parsons Co. (NYSE:PSN)

Mackenzie Financial Corp cut its position in shares of Parsons Co. (NYSE:PSN - Free Report) by 31.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 705,034 shares of the company's stock after selling 320,319 shares during the quarter. Mackenzie Financial Corp owned about 0.66% of Parsons worth $65,039,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of PSN. CIBC Private Wealth Group LLC bought a new position in shares of Parsons in the 4th quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Parsons during the fourth quarter worth approximately $25,000. Huntington National Bank increased its holdings in Parsons by 28,900.0% in the fourth quarter. Huntington National Bank now owns 290 shares of the company's stock worth $27,000 after purchasing an additional 289 shares in the last quarter. Quarry LP acquired a new position in Parsons in the fourth quarter valued at approximately $30,000. Finally, Principal Securities Inc. acquired a new position in Parsons in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 98.02% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Robert W. Baird lowered shares of Parsons from an "outperform" rating to a "neutral" rating and lowered their price objective for the company from $72.00 to $69.00 in a research note on Thursday, May 1st. Jefferies Financial Group restated a "hold" rating and issued a $65.00 price target (down from $75.00) on shares of Parsons in a report on Monday, May 5th. 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. Baird R W cut shares of Parsons from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. Finally, Bank of America reduced their target price on Parsons from $130.00 to $110.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Parsons currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.20.

Parsons Stock Up 0.5%

Shares of NYSE:PSN traded up $0.32 during midday trading on Thursday, hitting $65.92. 1,266,197 shares of the company's stock were exchanged, compared to its average volume of 1,154,048. 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 Co. has a 12 month low of $54.56 and a 12 month high of $114.68. The company has a market cap of $7.05 billion, a PE ratio of 86.74, a price-to-earnings-growth ratio of 0.93 and a beta of 0.57. The stock has a 50 day moving average price of $64.12 and a 200-day moving average price of $76.82.

Parsons announced that its Board of Directors has approved a share repurchase program on Monday, March 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

About Parsons

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.