Gotham Asset Management LLC grew its stake in Parsons Co. (NYSE:PSN - Free Report) by 114.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,089 shares of the company's stock after purchasing an additional 18,738 shares during the period. Gotham Asset Management LLC's holdings in Parsons were worth $3,237,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the stock. CIBC Private Wealth Group LLC bought a new position in shares of Parsons during the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Parsons in the 4th quarter valued at about $25,000. Huntington National Bank lifted its stake in shares of Parsons by 28,900.0% in the 4th quarter. Huntington National Bank now owns 290 shares of the company's stock valued at $27,000 after purchasing an additional 289 shares during the period. GAMMA Investing LLC boosted its holdings in Parsons by 224.7% during the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company's stock worth $29,000 after buying an additional 218 shares during the last quarter. Finally, Quarry LP acquired a new position in Parsons during the fourth quarter valued at approximately $30,000. Institutional investors own 98.02% of the company's stock.
Parsons Stock Performance
Shares of NYSE PSN traded up $0.84 during midday trading on Tuesday, hitting $69.25. 119,157 shares of the company's stock were exchanged, compared to its average volume of 1,138,457. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $7.40 billion, a PE ratio of 91.15, a price-to-earnings-growth ratio of 0.93 and a beta of 0.57. Parsons Co. has a 12 month low of $54.56 and a 12 month high of $114.68. The company's 50 day moving average price is $62.99 and its 200 day moving average price is $78.49.
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 buy up to 3.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.
Wall Street Analysts Forecast Growth
Several brokerages have commented on PSN. 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 report on Thursday, May 1st. Benchmark reiterated a "buy" rating and set a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. Truist Financial restated a "buy" rating and issued a $80.00 price target (up from $70.00) on shares of Parsons in a report on Thursday, May 1st. Baird R W downgraded Parsons from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Finally, TD Cowen cut shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 target price for the company. in a report on Friday, February 21st. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $90.20.
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About Parsons
(
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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