Parsons Co. (NYSE:PSN - Get Free Report) was the target of a large increase in short interest during the month of May. As of May 15th, there was short interest totalling 6,740,000 shares, an increase of 30.9% from the April 30th total of 5,150,000 shares. Based on an average trading volume of 1,470,000 shares, the days-to-cover ratio is presently 4.6 days. Currently, 14.4% of the company's shares are sold short.
Hedge Funds Weigh In On Parsons
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Norden Group LLC bought a new position in shares of Parsons in the 4th quarter valued at about $499,000. Wolverine Asset Management LLC bought a new stake in shares of Parsons in the 4th quarter valued at approximately $577,000. Truist Financial Corp boosted its stake in Parsons by 12.5% during the fourth quarter. Truist Financial Corp now owns 45,253 shares of the company's stock worth $4,175,000 after buying an additional 5,032 shares during the period. Bank Julius Baer & Co. Ltd Zurich increased its position in Parsons by 15.4% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 86,149 shares of the company's stock valued at $8,052,000 after acquiring an additional 11,520 shares during the last quarter. Finally, Ieq Capital LLC raised its stake in shares of Parsons by 676.6% in the fourth quarter. Ieq Capital LLC now owns 19,019 shares of the company's stock valued at $1,755,000 after acquiring an additional 16,570 shares during the period. 98.02% of the stock is owned by hedge funds and other institutional investors.
Parsons Price Performance
Shares of PSN traded up $1.05 during mid-day trading on Wednesday, hitting $68.79. 2,353,181 shares of the stock were exchanged, compared to its average volume of 1,185,916. The firm has a 50-day moving average of $64.48 and a two-hundred day moving average of $75.45. Parsons has a 52-week low of $54.56 and a 52-week high of $114.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The company has a market cap of $7.35 billion, a PE ratio of 90.51, a price-to-earnings-growth ratio of 0.93 and a beta of 0.57.
Parsons declared that its board has approved a stock buyback plan on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its shares are undervalued.
Analyst Ratings Changes
PSN has been the subject of a number of analyst reports. Jefferies Financial Group reissued a "hold" rating and set a $65.00 price objective (down previously from $75.00) on shares of Parsons in a research note on Monday, May 5th. William Blair upgraded shares of Parsons from a "market perform" rating to an "outperform" rating in a research report on Tuesday, February 18th. Truist Financial reaffirmed a "buy" rating and set a $80.00 price target (up previously from $70.00) on shares of Parsons in a research report on Thursday, May 1st. The Goldman Sachs Group dropped their price target on Parsons from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Wednesday. Finally, Robert W. Baird downgraded shares of Parsons from an "outperform" rating to a "neutral" rating and reduced their price objective for the company from $72.00 to $69.00 in a research report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Parsons presently has a consensus rating of "Moderate Buy" and a consensus target price of $86.90.
Read Our Latest Stock Analysis on PSN
About Parsons
(
Get 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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