Royal Bank of Canada Cuts Position in Parsons Co. (NYSE:PSN)

Royal Bank of Canada lowered its position in Parsons Co. (NYSE:PSN - Free Report) by 3.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 427,831 shares of the company's stock after selling 16,177 shares during the period. Royal Bank of Canada owned approximately 0.40% of Parsons worth $39,468,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PSN. CIBC Private Wealth Group LLC purchased a new position in Parsons during the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parsons in the fourth quarter worth $25,000. Huntington National Bank increased its stake in shares of 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 acquiring an additional 289 shares during the period. Quarry LP purchased a new position in shares of Parsons during the fourth quarter worth $30,000. Finally, Principal Securities Inc. acquired a new position in Parsons during the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 98.02% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on PSN. Bank of America cut their price target on Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. TD Cowen lowered Parsons from a "buy" rating to a "hold" rating and set a $105.00 target price 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 report on Thursday, May 1st. The Goldman Sachs Group cut their price objective on Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Finally, 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. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $90.20.

Parsons Trading Down 0.9%

PSN stock traded down $0.65 during trading on Wednesday, reaching $67.28. 214,906 shares of the stock were exchanged, compared to its average volume of 1,146,873. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31. The business has a 50 day moving average price of $63.99 and a 200-day moving average price of $76.90. Parsons Co. has a 1 year low of $54.56 and a 1 year high of $114.68. The firm has a market capitalization of $7.19 billion, a price-to-earnings ratio of 88.52, a P/E/G ratio of 0.93 and a beta of 0.57.

Parsons declared that its Board of Directors has authorized a stock buyback program on Monday, March 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is 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.