Loomis Sayles & Co. L P Has $21.35 Million Holdings in Parsons Co. (NYSE:PSN)

Loomis Sayles & Co. L P cut its holdings in shares of Parsons Co. (NYSE:PSN) by 25.1% during the fourth quarter, Holdings Channel reports. The fund owned 231,475 shares of the company’s stock after selling 77,411 shares during the period. Loomis Sayles & Co. L P’s holdings in Parsons were worth $21,353,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PSN. Fisher Asset Management LLC boosted its stake in Parsons by 2.1% in the third quarter. Fisher Asset Management LLC now owns 4,364 shares of the company’s stock worth $452,000 after purchasing an additional 90 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Parsons by 0.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 14,207 shares of the company’s stock worth $1,311,000 after buying an additional 131 shares in the last quarter. CIBC Asset Management Inc grew its holdings in Parsons by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,287 shares of the company’s stock worth $303,000 after acquiring an additional 163 shares during the last quarter. Oppenheimer Asset Management Inc. increased its position in Parsons by 0.6% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 32,126 shares of the company’s stock valued at $2,964,000 after acquiring an additional 191 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock worth $29,000 after acquiring an additional 218 shares during the last quarter. 98.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PSN shares. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. Robert W. Baird decreased their price objective on Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. TD Cowen cut Parsons from a “buy” rating to a “hold” rating and set a $105.00 price target on the stock. in a report on Friday, February 21st. Finally, The Goldman Sachs Group dropped their price objective on Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $99.44.

Parsons Price Performance

Parsons stock opened at $59.37 on Friday. The firm has a market capitalization of $6.34 billion, a P/E ratio of 78.12, a PEG ratio of 0.93 and a beta of 0.78. The business has a 50-day moving average of $68.59 and a 200-day moving average of $89.21. 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 Co. has a 1 year low of $54.56 and a 1 year high of $114.68.

Parsons announced that its board has authorized a stock buyback program on Monday, March 24th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is 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.