Teacher Retirement System of Texas Cuts Stake in Parsons Corporation (NYSE:PSN)

Teacher Retirement System of Texas lessened its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 55.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,599 shares of the company's stock after selling 18,153 shares during the period. Teacher Retirement System of Texas' holdings in Parsons were worth $864,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Keybank National Association OH lifted its stake in Parsons by 6,690.0% in the first quarter. Keybank National Association OH now owns 192,905 shares of the company's stock worth $11,422,000 after purchasing an additional 190,064 shares during the last quarter. New York State Teachers Retirement System lifted its stake in Parsons by 1.8% in the first quarter. New York State Teachers Retirement System now owns 11,317 shares of the company's stock worth $670,000 after purchasing an additional 200 shares during the last quarter. Canal Insurance CO lifted its stake in Parsons by 66.7% in the first quarter. Canal Insurance CO now owns 10,000 shares of the company's stock worth $592,000 after purchasing an additional 4,000 shares during the last quarter. Lecap Asset Management Ltd. bought a new stake in Parsons in the first quarter worth about $1,477,000. Finally, LVZ Inc. lifted its stake in Parsons by 13.9% in the first quarter. LVZ Inc. now owns 5,052 shares of the company's stock worth $299,000 after purchasing an additional 616 shares during the last quarter. Institutional investors own 98.02% of the company's stock.

Wall Street Analyst Weigh In

PSN has been the topic of a number of research reports. Truist Financial reaffirmed a "buy" rating and set a $80.00 target price (up from $70.00) on shares of Parsons in a research report on Thursday, May 1st. Baird R W lowered shares of Parsons from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. The Goldman Sachs Group reduced their target price on shares of Parsons from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Wednesday, June 4th. Jefferies Financial Group lifted their price objective on shares of Parsons from $70.00 to $80.00 and gave the company a "hold" rating in a report on Wednesday, July 2nd. Finally, Bank of America cut their price objective on shares of Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a report on Tuesday, June 3rd. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $84.30.

Parsons Stock Performance

Shares of NYSE:PSN traded down $1.40 on Tuesday, hitting $73.47. 859,078 shares of the company were exchanged, compared to its average volume of 1,213,892. Parsons Corporation has a 1-year low of $54.56 and a 1-year high of $114.68. The stock's 50 day moving average price is $68.93 and its 200 day moving average price is $70.24. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $7.85 billion, a P/E ratio of 31.00, a price-to-earnings-growth ratio of 4.47 and a beta of 0.55.

Parsons declared that its board has initiated a share repurchase plan on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its stock is undervalued.

Parsons Company 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.