Canada Pension Plan Investment Board Sells 77,100 Shares of Parsons Co. (NYSE:PSN)

Canada Pension Plan Investment Board reduced its position in Parsons Co. (NYSE:PSN) by 53.6% during the fourth quarter, HoldingsChannel reports. The fund owned 66,700 shares of the company’s stock after selling 77,100 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Parsons were worth $6,153,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in PSN. CIBC Private Wealth Group LLC bought a new stake in shares of Parsons in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in Parsons in the 4th quarter valued at approximately $25,000. ORG Wealth Partners LLC bought a new stake in Parsons during the 4th quarter valued at $26,000. Huntington National Bank lifted its position in shares of Parsons by 28,900.0% during the fourth quarter. Huntington National Bank now owns 290 shares of the company’s stock worth $27,000 after acquiring an additional 289 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings 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 period. 98.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on PSN. Benchmark reiterated a “buy” rating and set a $90.00 price objective on shares of Parsons in a research note on Wednesday, February 26th. Raymond James cut Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Jefferies Financial Group cut their price objective on shares of Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, January 24th. KeyCorp decreased their target price on shares of Parsons from $76.00 to $73.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, The Goldman Sachs Group lowered their target price on shares of Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $93.60.

Parsons Price Performance

Shares of Parsons stock opened at $63.16 on Tuesday. The business’s 50-day moving average price is $61.49 and its 200-day moving average price is $84.26. The firm has a market capitalization of $6.74 billion, a PE ratio of 83.11, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66. Parsons Co. has a 12 month low of $54.56 and a 12 month high of $114.68. 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 buyback program 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 programs are often 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.