Northern Trust Corp Purchases 47,698 Shares of Parsons Co. (NYSE:PSN)

Northern Trust Corp boosted its holdings in Parsons Co. (NYSE:PSN) by 15.1% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 363,551 shares of the company’s stock after buying an additional 47,698 shares during the period. Northern Trust Corp’s holdings in Parsons were worth $33,538,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PSN. CIBC Private Wealth Group LLC bought a new stake in Parsons during the 4th quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd purchased a new stake in Parsons during the 4th quarter valued at approximately $25,000. ORG Wealth Partners LLC bought a new stake in shares of Parsons during the fourth quarter valued at approximately $26,000. Huntington National Bank lifted 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 worth $27,000 after buying an additional 289 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock worth $29,000 after buying an additional 218 shares in the last quarter. 98.02% of the stock is owned by institutional investors.

Parsons Price Performance

Parsons stock opened at $63.97 on Friday. Parsons Co. has a 12-month low of $54.56 and a 12-month high of $114.68. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $61.93 and a 200-day moving average price of $80.33. The firm has a market capitalization of $6.84 billion, a PE ratio of 84.17, a price-to-earnings-growth ratio of 0.93 and a beta of 0.57.

Parsons declared that its board has approved a share repurchase plan 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 shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Robert W. Baird cut shares of Parsons from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $72.00 to $69.00 in a research note on Thursday, May 1st. Jefferies Financial Group reiterated a “hold” rating and issued a $65.00 target price (down from $75.00) on shares of Parsons in a research report on Monday, May 5th. Truist Financial restated a “buy” rating and set a $80.00 price target (up previously from $70.00) on shares of Parsons in a report on Thursday, May 1st. Bank of America decreased their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. Finally, Benchmark reissued a “buy” rating and issued a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $90.20.

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.