Peregrine Asset Advisers Inc. Trims Stock Position in Parsons Corporation (NYSE:PSN)

Peregrine Asset Advisers Inc. reduced its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 88.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,349 shares of the company's stock after selling 49,785 shares during the quarter. Peregrine Asset Advisers Inc.'s holdings in Parsons were worth $376,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PSN. IFP Advisors Inc increased its holdings in Parsons by 207.7% during the 1st quarter. IFP Advisors Inc now owns 1,517 shares of the company's stock worth $90,000 after purchasing an additional 1,024 shares during the period. Financial Harvest LLC purchased a new stake in Parsons during the 1st quarter worth about $795,000. First Command Advisory Services Inc. purchased a new stake in Parsons during the 1st quarter worth about $385,000. Signaturefd LLC increased its holdings in shares of Parsons by 63.1% in the 1st quarter. Signaturefd LLC now owns 610 shares of the company's stock valued at $36,000 after acquiring an additional 236 shares during the last quarter. Finally, Edgestream Partners L.P. increased its holdings in shares of Parsons by 322.0% in the 1st quarter. Edgestream Partners L.P. now owns 53,706 shares of the company's stock valued at $3,180,000 after acquiring an additional 40,980 shares during the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PSN shares. Bank of America reduced their price target on Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a report on Tuesday, June 3rd. The Goldman Sachs Group dropped their price objective on Parsons from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Wednesday, June 4th. Robert W. Baird downgraded Parsons from an "outperform" rating to a "neutral" rating and dropped their price objective for the company from $72.00 to $69.00 in a research note on Thursday, May 1st. Baird R W downgraded Parsons from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Finally, Stifel Nicolaus initiated coverage on Parsons in a research note on Tuesday, June 24th. They issued a "buy" rating and a $81.00 price objective for the company. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Parsons currently has an average rating of "Moderate Buy" and a consensus target price of $85.20.

Parsons Price Performance

Shares of NYSE PSN traded up $0.35 during mid-day trading on Tuesday, hitting $75.05. 1,068,318 shares of the stock were exchanged, compared to its average volume of 1,220,828. The company has a market cap of $8.02 billion, a P/E ratio of 31.67, a PEG ratio of 4.56 and a beta of 0.55. The stock's fifty day simple moving average is $69.87 and its two-hundred day simple moving average is $69.78. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.29 and a current ratio of 1.29. Parsons Corporation has a twelve month low of $54.56 and a twelve month high of $114.68.

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