Parsons Co. (NYSE:PSN) Shares Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas grew its stake in Parsons Co. (NYSE:PSN) by 89.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,752 shares of the company’s stock after purchasing an additional 15,419 shares during the period. Teacher Retirement System of Texas’ holdings in Parsons were worth $3,021,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PSN. Raymond James Financial Inc. purchased a new stake in Parsons during the fourth quarter worth $63,417,000. State Street Corp boosted its stake in shares of Parsons by 60.6% during the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock worth $169,429,000 after acquiring an additional 616,707 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Parsons by 18.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after acquiring an additional 183,117 shares during the period. FMR LLC increased its stake in shares of Parsons by 391.4% in the 3rd quarter. FMR LLC now owns 195,850 shares of the company’s stock valued at $20,306,000 after purchasing an additional 155,991 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in Parsons by 39.1% in the 4th quarter. Van ECK Associates Corp now owns 502,178 shares of the company’s stock worth $46,326,000 after purchasing an additional 141,282 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PSN. TD Cowen cut Parsons from a “buy” rating to a “hold” rating and set a $105.00 price objective for the company. in a research report on Friday, February 21st. Jefferies Financial Group lowered their price target on Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, January 24th. Robert W. Baird reduced their price objective on Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Finally, Raymond James downgraded shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.44.

Parsons Stock Up 2.0 %

Shares of NYSE:PSN opened at $61.65 on Wednesday. The company has a market capitalization of $6.58 billion, a price-to-earnings ratio of 81.12, a PEG ratio of 0.93 and a beta of 0.78. Parsons Co. has a 12-month low of $54.56 and a 12-month high of $114.68. The business has a 50-day moving average price of $70.69 and a 200 day moving average price of $89.86. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31.

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 shares. This buyback authorization authorizes the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are 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.