GAMMA Investing LLC Buys 61,145 Shares of Parsons Co. (NYSE:PSN)

GAMMA Investing LLC raised its position in Parsons Co. (NYSE:PSN - Free Report) by 19,411.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,460 shares of the company's stock after buying an additional 61,145 shares during the period. GAMMA Investing LLC owned 0.06% of Parsons worth $3,639,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Artisan Partners Limited Partnership raised its position in shares of Parsons by 271.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company's stock worth $190,932,000 after acquiring an additional 1,512,812 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Parsons during the 4th quarter valued at about $63,417,000. Norges Bank acquired a new position in Parsons during the 4th quarter valued at about $59,447,000. Freestone Grove Partners LP bought a new stake in shares of Parsons during the fourth quarter worth approximately $40,318,000. Finally, FIL Ltd bought a new position in shares of Parsons in the 4th quarter worth $27,868,000. Institutional investors and hedge funds own 98.02% of the company's stock.

Parsons Stock Performance

Shares of PSN traded up $0.74 during midday trading on Thursday, reaching $70.43. The stock had a trading volume of 773,167 shares, compared to its average volume of 1,194,105. The firm has a market cap of $7.53 billion, a PE ratio of 92.67, a P/E/G ratio of 0.93 and a beta of 0.53. The firm has a 50 day simple moving average of $65.55 and a 200-day simple moving average of $74.47. Parsons Co. has a one year low of $54.56 and a one year high of $114.68. 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 has initiated a share buyback plan on Monday, March 24th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

PSN has been the topic of a number of research analyst reports. Robert W. Baird lowered Parsons from an "outperform" rating to a "neutral" rating and dropped their price target for the stock from $72.00 to $69.00 in a research report on Thursday, May 1st. Jefferies Financial Group reissued a "hold" rating and set a $65.00 target price (down from $75.00) on shares of Parsons in a research note on Monday, May 5th. Baird R W lowered shares of Parsons from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Truist Financial reiterated a "buy" rating and issued a $80.00 price target (up previously from $70.00) on shares of Parsons in a report on Thursday, May 1st. Finally, William Blair raised shares of Parsons from a "market perform" rating to an "outperform" rating in a research report on Tuesday, February 18th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $86.90.

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.