Earnest Partners LLC Has $190.49 Million Position in Parsons Co. (NYSE:PSN)

Earnest Partners LLC trimmed its position in Parsons Co. (NYSE:PSN) by 1.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 2,064,975 shares of the company’s stock after selling 28,729 shares during the period. Parsons comprises approximately 0.9% of Earnest Partners LLC’s holdings, making the stock its 29th largest holding. Earnest Partners LLC owned about 1.94% of Parsons worth $190,494,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. KP Management LLC raised its holdings in Parsons by 10.0% during the 4th quarter. KP Management LLC now owns 27,500 shares of the company’s stock worth $2,537,000 after purchasing an additional 2,500 shares during the last quarter. Aquatic Capital Management LLC acquired a new stake in Parsons during the 4th quarter worth $6,135,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Parsons during the 4th quarter valued at $10,415,000. Two Sigma Securities LLC acquired a new position in shares of Parsons in the 4th quarter valued at $205,000. Finally, Nebula Research & Development LLC bought a new position in shares of Parsons in the 4th quarter worth $841,000. 98.02% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PSN has been the topic of several analyst reports. Truist Financial cut their target price on Parsons from $85.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. TD Cowen lowered Parsons from a “buy” rating to a “hold” rating and set a $105.00 price target on the stock. in a research report on Friday, February 21st. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. 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 report on Thursday, February 20th. Finally, KeyCorp cut their price target on shares of Parsons from $76.00 to $73.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $93.60.

Parsons Price Performance

Shares of PSN opened at $67.74 on Friday. The company’s 50-day moving average is $60.91 and its 200-day moving average is $83.29. 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 firm has a market capitalization of $7.23 billion, a PE ratio of 89.13, a PEG ratio of 0.93 and a beta of 0.66. Parsons Co. has a fifty-two week low of $54.56 and a fifty-two week high of $114.68.

Parsons declared that its board has approved a stock repurchase plan on Monday, March 24th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are 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.