Corebridge Financial Inc. Sells 2,381 Shares of Parsons Co. (NYSE:PSN)

Corebridge Financial Inc. lowered its holdings in shares of Parsons Co. (NYSE:PSN) by 4.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,862 shares of the company’s stock after selling 2,381 shares during the quarter. Corebridge Financial Inc.’s holdings in Parsons were worth $4,877,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Raymond James Financial Inc. bought a new position in Parsons during the fourth quarter valued at about $63,417,000. State Street Corp raised its stake in shares of Parsons by 60.6% in the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after acquiring an additional 616,707 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Parsons by 18.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock worth $123,685,000 after purchasing an additional 183,117 shares during the last quarter. FMR LLC boosted its position in Parsons by 391.4% during the third quarter. FMR LLC now owns 195,850 shares of the company’s stock worth $20,306,000 after purchasing an additional 155,991 shares during the period. Finally, Van ECK Associates Corp boosted its position in Parsons by 39.1% during the fourth 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.

Parsons Stock Down 1.9 %

Shares of PSN stock opened at $59.37 on Friday. The stock has a market cap of $6.34 billion, a P/E ratio of 78.12, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. The stock has a fifty day moving average price of $68.59 and a 200 day moving average price of $89.16. Parsons Co. has a one year low of $54.56 and a one year high of $114.68.

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

Analyst Ratings Changes

PSN has been the subject of a number of analyst reports. The Goldman Sachs Group reduced their price objective on shares of Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. TD Cowen cut shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 price target for the company. in a report on Friday, February 21st. KeyCorp dropped their price objective on Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. Finally, Robert W. Baird dropped their price target on Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.44.

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.