Parsons Co. (NYSE:PSN) Shares Acquired by AQR Capital Management LLC

AQR Capital Management LLC increased its stake in Parsons Co. (NYSE:PSN - Free Report) by 16.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 416,985 shares of the company's stock after purchasing an additional 57,474 shares during the period. AQR Capital Management LLC owned approximately 0.39% of Parsons worth $38,467,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Northern Trust Corp lifted its holdings in shares of Parsons by 15.1% in the 4th quarter. Northern Trust Corp now owns 363,551 shares of the company's stock worth $33,538,000 after acquiring an additional 47,698 shares during the last quarter. Quarry LP bought a new position in Parsons during the 4th quarter worth approximately $30,000. KP Management LLC lifted its position in Parsons by 10.0% in the fourth quarter. KP Management LLC now owns 27,500 shares of the company's stock valued at $2,537,000 after purchasing an additional 2,500 shares during the last quarter. Aquatic Capital Management LLC bought a new position in shares of Parsons in the fourth quarter worth approximately $6,135,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Parsons in the fourth quarter worth $10,415,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PSN shares. Truist Financial reaffirmed a "buy" rating and set a $80.00 price target (up previously from $70.00) on shares of Parsons in a research report on Thursday, May 1st. William Blair upgraded shares of Parsons from a "market perform" rating to an "outperform" rating in a report on Tuesday, February 18th. TD Cowen lowered shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective for the company. in a report on Friday, February 21st. Robert W. Baird lowered shares of Parsons from an "outperform" rating to a "neutral" rating and cut their target price for the company from $72.00 to $69.00 in a research note on Thursday, May 1st. Finally, KeyCorp decreased their price target on shares of Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Parsons presently has a consensus rating of "Moderate Buy" and a consensus target price of $90.20.

Parsons Stock Up 2.0 %

PSN stock traded up $1.26 on Thursday, hitting $64.16. 253,447 shares of the company's stock were exchanged, compared to its average volume of 1,116,225. The firm has a 50 day moving average price of $61.63 and a two-hundred day moving average price of $81.09. 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 $6.86 billion, a P/E ratio of 84.66, a price-to-earnings-growth ratio of 0.93 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29.

Parsons announced that its Board of Directors has initiated a share buyback program on Monday, March 24th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

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.