Point72 Asset Management L.P. Has $12.91 Million Stock Position in Parsons Co. (NYSE:PSN)

Point72 Asset Management L.P. cut its holdings in shares of Parsons Co. (NYSE:PSN - Free Report) by 39.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 139,940 shares of the company's stock after selling 91,694 shares during the quarter. Point72 Asset Management L.P. owned 0.13% of Parsons worth $12,909,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Point72 Hong Kong Ltd acquired a new stake in Parsons during the fourth quarter worth approximately $332,000. Polar Asset Management Partners Inc. grew its holdings in shares of Parsons by 117.3% during the 4th quarter. Polar Asset Management Partners Inc. now owns 79,305 shares of the company's stock worth $7,316,000 after purchasing an additional 42,805 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Parsons by 7.3% during the 4th quarter. ProShare Advisors LLC now owns 2,185 shares of the company's stock worth $202,000 after purchasing an additional 149 shares in the last quarter. Paradoxiom Capital L.P. bought a new position in shares of Parsons in the fourth quarter worth $5,402,000. Finally, Man Group plc raised its stake in Parsons by 144.2% in the fourth quarter. Man Group plc now owns 26,501 shares of the company's stock valued at $2,445,000 after purchasing an additional 15,649 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Truist Financial reiterated a "buy" rating and set a $80.00 price objective (up from $70.00) on shares of Parsons in a research note on Thursday, May 1st. Jefferies Financial Group reaffirmed a "hold" rating and set a $65.00 price target (down previously from $75.00) on shares of Parsons in a report on Monday, May 5th. KeyCorp decreased their price objective on shares of Parsons from $76.00 to $73.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. 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. Finally, Bank of America reduced their target price on Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Parsons currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.20.

Parsons Price Performance

Shares of NYSE PSN traded up $0.84 during mid-day trading on Thursday, hitting $68.06. 902,240 shares of the stock traded hands, compared to its average volume of 1,145,371. The company has a market cap of $7.27 billion, a PE ratio of 89.56, a price-to-earnings-growth ratio of 0.93 and a beta of 0.57. Parsons Co. has a twelve month low of $54.56 and a twelve month 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 firm has a 50 day simple moving average of $63.40 and a two-hundred day simple moving average of $78.34.

Parsons announced that its Board of Directors has approved a share buyback plan on Monday, March 24th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management 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.