10,685 Shares in Parsons Co. (NYSE:PSN) Purchased by Occudo Quantitative Strategies LP

Occudo Quantitative Strategies LP bought a new position in Parsons Co. (NYSE:PSN - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The firm bought 10,685 shares of the company's stock, valued at approximately $986,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PSN. Artisan Partners Limited Partnership lifted its position in shares of Parsons by 271.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company's stock worth $190,932,000 after purchasing an additional 1,512,812 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Parsons in the 4th quarter worth about $63,417,000. Norges Bank bought a new position in shares of Parsons in the 4th quarter worth about $59,447,000. Freestone Grove Partners LP bought a new position in shares of Parsons in the 4th quarter worth about $40,318,000. Finally, FIL Ltd bought a new position in shares of Parsons in the 4th quarter worth about $27,868,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Price Performance

PSN traded down $0.28 during trading hours on Monday, hitting $68.72. The company's stock had a trading volume of 259,264 shares, compared to its average volume of 1,139,521. The business's 50-day moving average price is $62.77 and its 200-day moving average price is $78.77. Parsons Co. has a 12 month low of $54.56 and a 12 month high of $114.68. The stock has a market cap of $7.34 billion, a price-to-earnings ratio of 90.48, a P/E/G ratio of 0.93 and a beta of 0.57. 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 announced that its Board of Directors has authorized a stock repurchase program on Monday, March 24th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Benchmark restated a "buy" rating and set a $90.00 price objective on shares of Parsons in a research note on Wednesday, February 26th. TD Cowen lowered shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 price target for the company. in a research note on Friday, February 21st. Jefferies Financial Group reiterated a "hold" rating and issued a $65.00 price target (down from $75.00) on shares of Parsons in a research note on Monday, May 5th. William Blair upgraded shares of Parsons from a "market perform" rating to an "outperform" rating in a research note on Tuesday, February 18th. Finally, Truist Financial reiterated a "buy" rating and issued a $80.00 price target (up from $70.00) on shares of Parsons in a research note on Thursday, May 1st. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.