Parsons Co. (NYSE:PSN) Shares Purchased by Two Sigma Investments LP

Two Sigma Investments LP lifted its holdings in shares of Parsons Co. (NYSE:PSN - Free Report) by 118.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 443,986 shares of the company's stock after acquiring an additional 240,803 shares during the period. Two Sigma Investments LP owned approximately 0.42% of Parsons worth $40,958,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of PSN. Norden Group LLC purchased a new position in Parsons in the 4th quarter worth $499,000. Wolverine Asset Management LLC purchased a new position in shares of Parsons in the fourth quarter worth about $577,000. Truist Financial Corp lifted its holdings in shares of Parsons by 12.5% during the fourth quarter. Truist Financial Corp now owns 45,253 shares of the company's stock worth $4,175,000 after purchasing an additional 5,032 shares during the period. Bank Julius Baer & Co. Ltd Zurich boosted its position in Parsons by 15.4% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 86,149 shares of the company's stock valued at $8,052,000 after buying an additional 11,520 shares during the last quarter. Finally, Ieq Capital LLC boosted its position in Parsons by 676.6% in the fourth quarter. Ieq Capital LLC now owns 19,019 shares of the company's stock valued at $1,755,000 after buying an additional 16,570 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PSN. The Goldman Sachs Group reduced their price target on shares of Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Truist Financial reiterated a "buy" rating and issued a $80.00 price objective (up previously from $70.00) on shares of Parsons in a research note on Thursday, May 1st. Robert W. Baird downgraded shares of Parsons from an "outperform" rating to a "neutral" rating and decreased their target price for the company from $72.00 to $69.00 in a research report on Thursday, May 1st. Bank of America lowered their price target on shares of Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. Finally, TD Cowen downgraded Parsons from a "buy" rating to a "hold" rating and set a $105.00 price target on the stock. in a research report on Friday, February 21st. Five 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, the company presently has a consensus rating of "Moderate Buy" and an average price target of $90.20.

Parsons Stock Performance

PSN stock traded down $1.67 during midday trading on Monday, hitting $66.24. 1,343,445 shares of the stock traded hands, compared to its average volume of 1,150,301. Parsons Co. has a 1-year low of $54.56 and a 1-year high of $114.68. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. The stock's fifty day simple moving average is $63.70 and its 200-day simple moving average is $77.29. The firm has a market cap of $7.08 billion, a P/E ratio of 87.16, a PEG ratio of 0.93 and a beta of 0.57.

Parsons declared that its board has initiated a stock buyback plan on Monday, March 24th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.