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, HoldingsChannel.com reports. The fund owned 2,064,975 shares of the company’s stock after selling 28,729 shares during the quarter. Parsons makes up 0.9% of Earnest Partners LLC’s portfolio, making the stock its 29th biggest position. Earnest Partners LLC’s holdings in Parsons were worth $190,494,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in PSN. Tidal Investments LLC grew its position in Parsons by 140.9% in the third quarter. Tidal Investments LLC now owns 7,214 shares of the company’s stock valued at $748,000 after acquiring an additional 4,220 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Parsons by 11.8% during the 3rd quarter. Franklin Resources Inc. now owns 601,071 shares of the company’s stock valued at $64,813,000 after purchasing an additional 63,657 shares during the last quarter. Retirement Systems of Alabama acquired a new position in Parsons during the 3rd quarter worth approximately $5,884,000. Principal Financial Group Inc. lifted its stake in Parsons by 18.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after purchasing an additional 183,117 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock valued at $29,000 after buying an additional 218 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PSN has been the subject of a number of research reports. The Goldman Sachs Group dropped their price target on Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Bank of America dropped their target price on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. TD Cowen cut Parsons from a “buy” rating to a “hold” rating and set a $105.00 price target on the stock. in a report on Friday, February 21st. Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Finally, Jefferies Financial Group cut their target price on shares of Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $93.60.

Parsons Price Performance

Shares of NYSE PSN opened at $67.74 on Friday. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $7.23 billion, a PE ratio of 89.13, a P/E/G ratio of 0.93 and a beta of 0.66. The firm has a fifty day simple moving average of $60.91 and a 200 day simple moving average of $83.29. Parsons Co. has a twelve month low of $54.56 and a twelve month high of $114.68.

Parsons announced that its board has authorized a stock repurchase plan on Monday, March 24th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership 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.