Summit Investment Advisors Inc. Has $863,000 Stock Position in Parsons Co. (NYSE:PSN)

Summit Investment Advisors Inc. trimmed its position in shares of Parsons Co. (NYSE:PSN) by 2.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 9,359 shares of the company’s stock after selling 226 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Parsons were worth $863,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PSN. CIBC Private Wealth Group LLC bought a new stake in Parsons during the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Parsons during the fourth quarter worth $25,000. ORG Wealth Partners LLC acquired a new stake in shares of Parsons in the fourth quarter valued at $26,000. Huntington National Bank raised 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 buying an additional 289 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Parsons by 224.7% during the 4th 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. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Trading Up 0.8 %

NYSE:PSN opened at $65.03 on Friday. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 85.57, a PEG ratio of 0.93 and a beta of 0.66. Parsons Co. has a 1-year low of $54.56 and a 1-year high of $114.68. The business’s 50-day moving average price is $61.98 and its two-hundred day moving average price is $85.13. 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 declared that its Board of Directors has initiated a share buyback plan on Monday, March 24th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

PSN has been the subject of several research reports. Robert W. Baird lowered their price objective on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Truist Financial reduced their price objective on Parsons from $85.00 to $70.00 and set a “buy” rating on the stock in a report on Monday. Jefferies Financial Group decreased their price objective on Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. Finally, KeyCorp decreased their price target on Parsons from $76.00 to $73.00 and set an “overweight” rating on the stock in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Parsons presently has an average rating of “Moderate Buy” and an average price target of $93.60.

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.