Nuveen Asset Management LLC Cuts Stock Position in Parsons Co. (NYSE:PSN)

Nuveen Asset Management LLC reduced its stake in shares of Parsons Co. (NYSE:PSN - Free Report) by 39.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 150,397 shares of the company's stock after selling 97,151 shares during the period. Nuveen Asset Management LLC owned approximately 0.14% of Parsons worth $13,874,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC purchased a new stake in Parsons during the fourth quarter valued at about $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Parsons in the 4th quarter worth approximately $25,000. Huntington National Bank lifted its holdings in shares of Parsons by 28,900.0% in the 4th quarter. Huntington National Bank now owns 290 shares of the company's stock worth $27,000 after acquiring an additional 289 shares during the last quarter. Quarry LP purchased a new stake in shares of Parsons in the 4th quarter valued at $30,000. Finally, Principal Securities Inc. purchased a new stake in Parsons during the fourth quarter valued at about $33,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Bank of America dropped their price objective on Parsons from $130.00 to $110.00 and set a "buy" rating for the company in a report on Tuesday, April 1st. The Goldman Sachs Group lowered their price objective on Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Jefferies Financial Group reissued a "hold" rating and set a $65.00 price target (down previously from $75.00) on shares of Parsons in a research report on Monday, May 5th. KeyCorp reduced their price target on shares of Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, William Blair raised shares of Parsons from a "market perform" rating to an "outperform" rating in a report on Tuesday, February 18th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $90.20.

Parsons Trading Down 1.7%

PSN traded down $1.14 during trading on Friday, hitting $64.80. 1,362,923 shares of the stock were exchanged, compared to its average volume of 1,506,755. Parsons Co. has a 1 year low of $54.56 and a 1 year high of $114.68. The firm has a market cap of $6.93 billion, a price-to-earnings ratio of 85.27, a P/E/G ratio of 0.93 and a beta of 0.57. The firm has a 50 day simple moving average of $64.23 and a 200 day simple moving average of $76.50. 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 announced that its Board of Directors has authorized a share repurchase plan on Monday, March 24th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 3.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board of directors believes its shares are 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.