Royal Bank of Canada Sells 16,177 Shares of Parsons Co. (NYSE:PSN)

Royal Bank of Canada lessened its holdings in Parsons Co. (NYSE:PSN - Free Report) by 3.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 427,831 shares of the company's stock after selling 16,177 shares during the quarter. Royal Bank of Canada owned about 0.40% of Parsons worth $39,468,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Point72 Hong Kong Ltd acquired a new position in Parsons in the 4th quarter worth approximately $332,000. Polar Asset Management Partners Inc. lifted its position in shares of Parsons by 117.3% during the 4th quarter. Polar Asset Management Partners Inc. now owns 79,305 shares of the company's stock valued at $7,316,000 after buying an additional 42,805 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Parsons by 7.3% during the 4th quarter. ProShare Advisors LLC now owns 2,185 shares of the company's stock valued at $202,000 after buying an additional 149 shares in the last quarter. Paradoxiom Capital L.P. purchased a new position in shares of Parsons during the 4th quarter valued at approximately $5,402,000. Finally, Man Group plc lifted its holdings in Parsons by 144.2% in the 4th quarter. Man Group plc now owns 26,501 shares of the company's stock valued at $2,445,000 after purchasing an additional 15,649 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PSN. Benchmark reaffirmed a "buy" rating and issued a $90.00 target price on shares of Parsons in a research note on Wednesday, February 26th. Baird R W cut Parsons from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Robert W. Baird cut Parsons from an "outperform" rating to a "neutral" rating and reduced their price objective for the company from $72.00 to $69.00 in a research note on Thursday, May 1st. Jefferies Financial Group reaffirmed a "hold" rating and set a $65.00 price objective (down previously from $75.00) on shares of Parsons in a report on Monday, May 5th. Finally, KeyCorp lowered their target price on Parsons from $76.00 to $73.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Parsons has a consensus rating of "Moderate Buy" and an average price target of $90.20.

Parsons Price Performance

Shares of PSN traded up $1.74 on Tuesday, hitting $67.91. The company's stock had a trading volume of 532,467 shares, compared to its average volume of 1,147,919. The company has a market capitalization of $7.26 billion, a PE ratio of 89.28, a PEG ratio of 0.93 and a beta of 0.57. 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 fifty-two week low of $54.56 and a fifty-two week high of $114.68. The company has a 50 day moving average price of $63.81 and a 200 day moving average price of $76.96.

Parsons declared that its board has initiated a stock 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 repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership 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.