Illinois Municipal Retirement Fund Sells 8,959 Shares of Parsons Co. (NYSE:PSN)

Illinois Municipal Retirement Fund lowered its position in shares of Parsons Co. (NYSE:PSN) by 25.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,737 shares of the company’s stock after selling 8,959 shares during the period. Illinois Municipal Retirement Fund’s holdings in Parsons were worth $2,374,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in PSN. State Street Corp boosted its stake in Parsons by 60.6% during the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after purchasing an additional 616,707 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of 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. Geode Capital Management LLC boosted its position in shares of Parsons by 14.0% during the third quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock valued at $80,146,000 after buying an additional 95,040 shares during the last quarter. Wedge Capital Management L L P NC increased its holdings in Parsons by 12.8% in the 4th quarter. Wedge Capital Management L L P NC now owns 680,311 shares of the company’s stock worth $62,759,000 after buying an additional 77,358 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in Parsons by 11.8% in the 3rd quarter. Franklin Resources Inc. now owns 601,071 shares of the company’s stock worth $64,813,000 after buying an additional 63,657 shares during the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Price Performance

Shares of Parsons stock opened at $58.86 on Friday. The stock’s fifty day moving average is $82.96 and its 200 day moving average is $94.33. Parsons Co. has a one year low of $57.22 and a one year high of $114.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The stock has a market cap of $6.28 billion, a P/E ratio of 77.45, a P/E/G ratio of 0.93 and a beta of 0.73.

Wall Street Analyst Weigh In

A number of 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 target on the stock. in a report on Friday, February 21st. Raymond James cut shares of Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Truist Financial decreased their target price on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Robert W. Baird dropped their price target on Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Finally, KeyCorp cut their price objective on Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $99.44.

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.