Arizona State Retirement System Sells 161 Shares of Parsons Corporation (NYSE:PSN)

Arizona State Retirement System lessened its holdings in Parsons Corporation (NYSE:PSN) by 1.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,707 shares of the company’s stock after selling 161 shares during the quarter. Arizona State Retirement System’s holdings in Parsons were worth $812,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Discovery Capital Management LLC CT bought a new position in Parsons in the 4th quarter valued at $14,234,000. New York State Teachers Retirement System grew its position in Parsons by 1.8% in the 1st quarter. New York State Teachers Retirement System now owns 11,317 shares of the company’s stock valued at $670,000 after acquiring an additional 200 shares during the last quarter. LPL Financial LLC grew its position in Parsons by 64.5% in the 4th quarter. LPL Financial LLC now owns 84,990 shares of the company’s stock valued at $7,840,000 after acquiring an additional 33,312 shares during the last quarter. Janney Montgomery Scott LLC grew its position in Parsons by 152.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 9,195 shares of the company’s stock valued at $544,000 after acquiring an additional 5,546 shares during the last quarter. Finally, Sei Investments Co. grew its position in Parsons by 12.4% in the 4th quarter. Sei Investments Co. now owns 262,285 shares of the company’s stock valued at $24,196,000 after acquiring an additional 29,025 shares during the last quarter. Institutional investors own 98.02% of the company’s stock.

Parsons Price Performance

Shares of PSN stock opened at $76.36 on Monday. The stock’s 50-day moving average is $69.87 and its 200 day moving average is $69.78. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.29. Parsons Corporation has a 1-year low of $54.56 and a 1-year high of $114.68. The company has a market cap of $8.16 billion, a P/E ratio of 32.22, a PEG ratio of 4.56 and a beta of 0.55.

Parsons announced that its board has approved a share repurchase plan on Monday, March 24th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to purchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PSN shares. The Goldman Sachs Group dropped their price target on Parsons from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, June 4th. Robert W. Baird downgraded Parsons from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $72.00 to $69.00 in a research report on Thursday, May 1st. Stifel Nicolaus started coverage on Parsons in a research report on Tuesday, June 24th. They set a “buy” rating and a $81.00 price target on the stock. Truist Financial reissued a “buy” rating and set a $80.00 price target (up previously from $70.00) on shares of Parsons in a research report on Thursday, May 1st. Finally, Bank of America dropped their price target on Parsons from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday, June 3rd. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $85.20.

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.