D. E. Shaw & Co. Inc. Cuts Holdings in Parsons Co. (NYSE:PSN)

D. E. Shaw & Co. Inc. decreased its stake in Parsons Co. (NYSE:PSN - Free Report) by 13.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 455,104 shares of the company's stock after selling 69,523 shares during the quarter. D. E. Shaw & Co. Inc. owned 0.43% of Parsons worth $41,983,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in PSN. CIBC Private Wealth Group LLC acquired a new stake in Parsons during the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Parsons in the 4th quarter valued at $25,000. ORG Wealth Partners LLC bought a new position in shares of Parsons in the 4th quarter valued at $26,000. Huntington National Bank increased its holdings in Parsons by 28,900.0% in the 4th quarter. Huntington National Bank now owns 290 shares of the company's stock worth $27,000 after purchasing an additional 289 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Parsons by 224.7% in the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company's stock worth $29,000 after purchasing an additional 218 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

Parsons Stock Up 2.0%

PSN stock traded up $1.28 during trading on Wednesday, hitting $66.58. 4,267,657 shares of the company's stock traded hands, compared to its average volume of 1,134,172. The firm has a market capitalization of $7.12 billion, a P/E ratio of 87.61, a PEG ratio of 0.93 and a beta of 0.57. The business has a fifty day simple moving average of $62.22 and a two-hundred day simple moving average of $79.78. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. Parsons Co. has a 1 year low of $54.56 and a 1 year high of $114.68.

Parsons announced that its board has approved a stock buyback program on Monday, March 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PSN. The Goldman Sachs Group reduced their price target on Parsons from $109.00 to $98.00 and set a "buy" rating on the stock in a research report on Tuesday, February 25th. Benchmark reaffirmed a "buy" rating and set a $90.00 price target on shares of Parsons in a research report on Wednesday, February 26th. Robert W. Baird lowered Parsons from an "outperform" rating to a "neutral" rating and reduced their price objective for the company from $72.00 to $69.00 in a report on Thursday, May 1st. Baird R W downgraded Parsons from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. Finally, TD Cowen downgraded 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. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, Parsons currently has a consensus rating of "Moderate Buy" and an average price target of $90.20.

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.