Silvercrest Asset Management Group LLC Has $11.20 Million Position in Parsons Co. (NYSE:PSN)

Silvercrest Asset Management Group LLC lessened its holdings in Parsons Co. (NYSE:PSN - Free Report) by 47.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 121,368 shares of the company's stock after selling 110,932 shares during the quarter. Silvercrest Asset Management Group LLC owned approximately 0.11% of Parsons worth $11,196,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Point72 Hong Kong Ltd bought a new position in Parsons in the fourth quarter worth about $332,000. Polar Asset Management Partners Inc. raised its position 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 during the period. ProShare Advisors LLC lifted its holdings in shares of Parsons by 7.3% in 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 during the last quarter. Paradoxiom Capital L.P. bought a new stake in shares of Parsons in the 4th quarter worth approximately $5,402,000. Finally, Man Group plc boosted its position in Parsons by 144.2% during the 4th 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 during the period. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Stock Down 1.4%

NYSE PSN traded down $0.98 on Wednesday, reaching $67.29. The stock had a trading volume of 970,513 shares, compared to its average volume of 1,146,344. The business has a 50 day moving average price of $63.22 and a 200 day moving average price of $78.42. Parsons Co. has a 1 year low of $54.56 and a 1 year high of $114.68. The company has a market capitalization of $7.19 billion, a price-to-earnings ratio of 88.54, a P/E/G ratio of 0.93 and a beta of 0.57. 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 declared that its board has approved a stock buyback program on Monday, March 24th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently weighed in on PSN shares. Benchmark reiterated a "buy" rating and issued a $90.00 price objective on shares of Parsons in a research report on Wednesday, February 26th. Bank of America cut their price target on shares of Parsons from $130.00 to $110.00 and set a "buy" rating for the company in a report on Tuesday, April 1st. Truist Financial reaffirmed a "buy" rating and set a $80.00 target price (up from $70.00) on shares of Parsons in a research report on Thursday, May 1st. Robert W. Baird downgraded shares of Parsons from an "outperform" rating to a "neutral" rating and dropped their target price for the stock from $72.00 to $69.00 in a research report on Thursday, May 1st. Finally, KeyCorp lowered their target price on Parsons from $76.00 to $73.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $90.20.

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.