Parsons Corporation (NYSE:PSN) Shares Bought by New York State Common Retirement Fund

New York State Common Retirement Fund grew its holdings in Parsons Corporation (NYSE:PSN - Free Report) by 25.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 352,246 shares of the company's stock after purchasing an additional 71,740 shares during the quarter. New York State Common Retirement Fund owned 0.33% of Parsons worth $20,856,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PSN. CIBC Private Wealth Group LLC purchased a new position in Parsons in the fourth quarter worth approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Parsons in the 4th quarter valued at $25,000. Huntington National Bank increased its stake in Parsons by 28,900.0% in the 4th quarter. Huntington National Bank now owns 290 shares of the company's stock valued at $27,000 after buying an additional 289 shares during the period. Versant Capital Management Inc purchased a new position in shares of Parsons during the 1st quarter worth approximately $27,000. Finally, Quarry LP acquired a new position in shares of Parsons during the 4th quarter worth $30,000. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Stock Performance

Shares of Parsons stock traded down $0.27 during trading on Friday, hitting $76.32. 94,963 shares of the stock were exchanged, compared to its average volume of 1,213,621. The stock's fifty day moving average is $69.62 and its 200 day moving average is $70.18. The stock has a market cap of $8.16 billion, a PE ratio of 32.17, a P/E/G ratio of 4.45 and a beta of 0.55. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.29 and a current ratio of 1.29. Parsons Corporation has a 12 month low of $54.56 and a 12 month high of $114.68.

Parsons announced that its Board of Directors has approved a stock 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 buy 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 shares are undervalued.

Analyst Upgrades and Downgrades

PSN has been the topic of a number of research reports. Baird R W cut shares of Parsons from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Jefferies Financial Group increased their target price on Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a research report on Wednesday, July 2nd. Stifel Nicolaus began coverage on shares of Parsons in a report on Tuesday, June 24th. They issued a "buy" rating and a $81.00 price target on the stock. Bank of America dropped their price objective on shares of Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a research note on Tuesday, June 3rd. Finally, The Goldman Sachs Group dropped their price target on shares of Parsons from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Wednesday, June 4th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Parsons presently has a consensus rating of "Moderate Buy" and a consensus target price of $85.20.

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.