Teacher Retirement System of Texas Boosts Stock Holdings in Parsons Co. (NYSE:PSN)

Teacher Retirement System of Texas lifted its holdings in Parsons Co. (NYSE:PSN) by 89.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 32,752 shares of the company’s stock after purchasing an additional 15,419 shares during the period. Teacher Retirement System of Texas’ holdings in Parsons were worth $3,021,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PSN. Raymond James Financial Inc. purchased a new stake in Parsons during the fourth quarter worth $63,417,000. State Street Corp lifted its stake in shares of Parsons by 60.6% during the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock worth $169,429,000 after purchasing an additional 616,707 shares during the last quarter. Principal Financial Group Inc. boosted its position in Parsons by 18.1% during the third 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 in the last quarter. FMR LLC grew its stake in Parsons by 391.4% in the third quarter. FMR LLC now owns 195,850 shares of the company’s stock valued at $20,306,000 after purchasing an additional 155,991 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in Parsons by 39.1% in the fourth quarter. Van ECK Associates Corp now owns 502,178 shares of the company’s stock worth $46,326,000 after purchasing an additional 141,282 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PSN shares. TD Cowen downgraded shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 price objective on the stock. in a research report on Friday, February 21st. Robert W. Baird reduced their price target on Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Benchmark reissued a “buy” rating and issued a $90.00 price objective on shares of Parsons in a research report on Wednesday, February 26th. KeyCorp dropped their target price on Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Finally, William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Parsons presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.44.

Parsons Price Performance

Shares of NYSE:PSN opened at $61.65 on Wednesday. Parsons Co. has a twelve month low of $54.56 and a twelve 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 company has a market cap of $6.58 billion, a PE ratio of 81.12, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78. The company’s 50 day moving average is $70.69 and its 200 day moving average is $89.86.

Parsons declared that its Board of Directors has initiated a stock buyback program on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Parsons 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.