Man Group plc Boosts Stake in Parsons Co. (NYSE:PSN)

Man Group plc lifted its stake in Parsons Co. (NYSE:PSN - Free Report) by 144.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,501 shares of the company's stock after purchasing an additional 15,649 shares during the quarter. Man Group plc's holdings in Parsons were worth $2,445,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. CIBC Private Wealth Group LLC purchased a new position in Parsons in the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Parsons during the fourth quarter valued at approximately $25,000. Huntington National Bank raised 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 acquiring an additional 289 shares during the last quarter. Quarry LP bought a new position in Parsons in the 4th quarter valued at approximately $30,000. Finally, Principal Securities Inc. bought a new position in Parsons in the 4th quarter valued at approximately $33,000. Institutional investors own 98.02% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on PSN. William Blair raised Parsons from a "market perform" rating to an "outperform" rating in a research report on Tuesday, February 18th. Baird R W downgraded shares of Parsons from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. Jefferies Financial Group restated a "hold" rating and issued a $65.00 price target (down from $75.00) on shares of Parsons in a research note on Monday, May 5th. KeyCorp cut their price target on Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, The Goldman Sachs Group cut their target price 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 analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Parsons currently has a consensus rating of "Moderate Buy" and an average price target of $90.20.

Parsons Price Performance

Parsons stock traded down $0.65 during mid-day trading on Wednesday, hitting $67.28. The stock had a trading volume of 214,906 shares, compared to its average volume of 1,146,873. 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. The firm has a market capitalization of $7.19 billion, a P/E ratio of 88.52, a P/E/G ratio of 0.93 and a beta of 0.57. The firm's 50 day moving average is $63.99 and its 200 day moving average is $76.90.

Parsons announced that its Board of Directors has initiated a share repurchase plan on Monday, March 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Parsons Company 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.