Parsons Co. (NYSE:PSN) Shares Sold by Silvercrest Asset Management Group LLC

Silvercrest Asset Management Group LLC cut its position in Parsons Co. (NYSE:PSN) by 47.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 121,368 shares of the company’s stock after selling 110,932 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Parsons were worth $11,196,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. CIBC Private Wealth Group LLC acquired a new position in shares of Parsons in the fourth quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Parsons in the fourth quarter valued at about $25,000. Huntington National Bank increased its holdings in shares of Parsons by 28,900.0% in the fourth quarter. Huntington National Bank now owns 290 shares of the company’s stock valued at $27,000 after purchasing an additional 289 shares during the period. Quarry LP acquired a new position in shares of Parsons in the fourth quarter valued at about $30,000. Finally, Principal Securities Inc. acquired a new position in shares of Parsons in the fourth quarter valued at about $33,000. 98.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PSN shares. Benchmark reissued a “buy” rating and issued a $90.00 price objective on shares of Parsons in a report on Wednesday, February 26th. Bank of America dropped their target price on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. Jefferies Financial Group reaffirmed a “hold” rating and set a $65.00 target price (down from $75.00) on shares of Parsons in a report on Monday, May 5th. The Goldman Sachs Group dropped their target price on Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Finally, Robert W. Baird lowered Parsons from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $72.00 to $69.00 in a report on Thursday, May 1st. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Parsons presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.20.

Parsons Stock Performance

Shares of PSN stock opened at $69.03 on Friday. The company has a market capitalization of $7.38 billion, a P/E ratio of 90.83, a P/E/G ratio of 0.93 and a beta of 0.57. The business’s 50 day moving average is $62.77 and its two-hundred day moving average is $78.98. 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 Co. has a 12-month low of $54.56 and a 12-month high of $114.68.

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