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

Corebridge Financial Inc. decreased its position in Parsons Co. (NYSE:PSN) by 4.3% during the 4th quarter, Holdings Channel reports. The firm 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 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on PSN. Benchmark restated a “buy” rating and set a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. TD Cowen lowered shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 price objective on the stock. in a report on Friday, February 21st. Robert W. Baird dropped their target price on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. The Goldman Sachs Group decreased their price target 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. Finally, Jefferies Financial Group dropped 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. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Parsons currently has a consensus rating of “Moderate Buy” and an average target price of $99.44.

Parsons Stock Performance

Shares of Parsons stock opened at $59.37 on Friday. Parsons Co. has a 52 week low of $54.56 and a 52 week high of $114.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The stock has a market capitalization of $6.34 billion, a price-to-earnings ratio of 78.12, a PEG ratio of 0.93 and a beta of 0.78. The firm has a fifty day moving average of $68.59 and a two-hundred day moving average of $89.16.

Parsons declared that its Board of Directors has initiated a share buyback program on Monday, March 24th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 3.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Parsons 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.