Axiom Investors LLC DE Sells 131,397 Shares of Parsons Co. (NYSE:PSN)

Axiom Investors LLC DE cut its holdings in Parsons Co. (NYSE:PSN) by 51.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 123,350 shares of the company’s stock after selling 131,397 shares during the quarter. Axiom Investors LLC DE owned approximately 0.12% of Parsons worth $11,379,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norden Group LLC bought a new position in shares of Parsons during the fourth quarter valued at approximately $499,000. Wolverine Asset Management LLC bought a new stake in Parsons during the 4th quarter valued at $577,000. Geode Capital Management LLC raised its position in shares of Parsons by 14.0% in the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock worth $80,146,000 after acquiring an additional 95,040 shares in the last quarter. Truist Financial Corp lifted its stake in shares of Parsons by 12.5% during the 4th quarter. Truist Financial Corp now owns 45,253 shares of the company’s stock worth $4,175,000 after purchasing an additional 5,032 shares during the last quarter. Finally, Ieq Capital LLC boosted its position in Parsons by 676.6% during the fourth quarter. Ieq Capital LLC now owns 19,019 shares of the company’s stock valued at $1,755,000 after purchasing an additional 16,570 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Stock Performance

NYSE PSN opened at $59.37 on Monday. 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 stock has a 50-day simple moving average of $68.59 and a two-hundred day simple moving average of $89.12. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. Parsons Co. has a fifty-two week low of $54.56 and a fifty-two week high of $114.68.

Parsons announced that its Board of Directors has approved a share repurchase program on Monday, March 24th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

PSN has been the subject of a number of recent research reports. Benchmark reiterated a “buy” rating and issued a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. KeyCorp cut their price target on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Raymond James lowered Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Finally, Robert W. Baird dropped their target price on Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. 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, the stock presently has an average rating of “Moderate Buy” and an average price target 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.