Polar Asset Management Partners Inc. grew its stake in shares of Parsons Co. (NYSE:PSN - Free Report) by 117.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 79,305 shares of the company's stock after acquiring an additional 42,805 shares during the quarter. Polar Asset Management Partners Inc. owned about 0.07% of Parsons worth $7,316,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Parsons by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 4,575,535 shares of the company's stock valued at $422,093,000 after purchasing an additional 59,545 shares during the last quarter. Artisan Partners Limited Partnership raised its position in Parsons by 271.6% in 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 in the last quarter. Invesco Ltd. boosted its stake in shares of Parsons by 14.2% during the 4th quarter. Invesco Ltd. now owns 2,056,390 shares of the company's stock worth $189,702,000 after acquiring an additional 255,810 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Parsons by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,189,811 shares of the company's stock worth $109,762,000 after acquiring an additional 26,230 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. boosted its position in Parsons by 5.2% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,069,175 shares of the company's stock worth $98,631,000 after acquiring an additional 52,522 shares during the period. Institutional investors and hedge funds own 98.02% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have weighed in on PSN. Robert W. Baird cut Parsons from an "outperform" rating to a "neutral" rating and reduced their price target for the stock from $72.00 to $69.00 in a research report on Thursday, May 1st. William Blair raised Parsons from a "market perform" rating to an "outperform" rating in a report on Tuesday, February 18th. Baird R W cut Parsons from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Bank of America cut their price target on shares of Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Finally, The Goldman Sachs Group lowered their price objective 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. 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 data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $90.20.
Get Our Latest Research Report on Parsons
Parsons Stock Performance
PSN traded down $1.07 during midday trading on Friday, reaching $64.87. The company had a trading volume of 2,330,624 shares, compared to its average volume of 1,162,000. The stock has a market cap of $6.93 billion, a PE ratio of 85.36, a P/E/G ratio of 0.93 and a beta of 0.57. The business has a 50-day moving average price of $64.29 and a two-hundred day moving average price of $75.92. 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 Co. has a 12-month low of $54.56 and a 12-month high of $114.68.
Parsons declared that its Board of Directors has approved a stock buyback program on Monday, March 24th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.
Parsons Company Profile
(
Free Report)
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.
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