Schonfeld Strategic Advisors LLC Boosts Holdings in Parsons Co. (NYSE:PSN)

Schonfeld Strategic Advisors LLC raised its holdings in shares of Parsons Co. (NYSE:PSN - Free Report) by 968.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,700 shares of the company's stock after purchasing an additional 24,200 shares during the quarter. Schonfeld Strategic Advisors LLC's holdings in Parsons were worth $2,463,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. AQR Capital Management LLC boosted its stake in Parsons by 16.0% in the fourth quarter. AQR Capital Management LLC now owns 416,985 shares of the company's stock worth $38,467,000 after buying an additional 57,474 shares in the last quarter. Northern Trust Corp increased its position in shares of Parsons by 15.1% during the fourth quarter. Northern Trust Corp now owns 363,551 shares of the company's stock valued at $33,538,000 after buying an additional 47,698 shares during the period. Quarry LP purchased a new position in shares of Parsons during the 4th quarter worth approximately $30,000. KP Management LLC raised its position in shares of Parsons by 10.0% in the 4th quarter. KP Management LLC now owns 27,500 shares of the company's stock worth $2,537,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Aquatic Capital Management LLC bought a new position in Parsons in the fourth quarter worth $6,135,000. Hedge funds and other institutional investors own 98.02% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on PSN shares. TD Cowen downgraded shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 price target on the stock. in a report on Friday, February 21st. Benchmark restated a "buy" rating and issued a $90.00 price target on shares of Parsons in a research note on Wednesday, February 26th. Bank of America lowered 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. Robert W. Baird downgraded Parsons from an "outperform" rating to a "neutral" rating and cut their price target for the company from $72.00 to $69.00 in a research note on Thursday, May 1st. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $65.00 price objective (down previously from $75.00) on shares of Parsons in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $90.20.

Parsons Trading Up 0.4 %

Shares of PSN stock traded up $0.25 on Wednesday, reaching $62.96. 906,124 shares of the company's stock were exchanged, compared to its average volume of 1,119,610. The company's fifty day simple moving average is $61.53 and its 200 day simple moving average is $81.22. The stock has a market capitalization of $6.73 billion, a PE ratio of 82.84, 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 Co. has a 52 week low of $54.56 and a 52 week high of $114.68.

Parsons declared that its Board of Directors has approved a share buyback program on Monday, March 24th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board 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.