Occudo Quantitative Strategies LP Makes New Investment in Parsons Co. (NYSE:PSN)

Occudo Quantitative Strategies LP bought a new stake in Parsons Co. (NYSE:PSN) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,685 shares of the company’s stock, valued at approximately $986,000.

Several other hedge funds also recently modified their holdings of the business. Artisan Partners Limited Partnership raised its stake in shares of Parsons by 271.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock valued at $190,932,000 after acquiring an additional 1,512,812 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Parsons in the fourth quarter valued at approximately $63,417,000. Norges Bank acquired a new stake in shares of Parsons in the fourth quarter worth $59,447,000. Freestone Grove Partners LP bought a new stake in shares of Parsons during the 4th quarter worth $40,318,000. Finally, FIL Ltd acquired a new position in Parsons in the 4th quarter valued at $27,868,000. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Stock Up 0.3%

PSN opened at $65.27 on Wednesday. Parsons Co. has a fifty-two week low of $54.56 and a fifty-two week 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’s fifty day moving average price is $62.22 and its two-hundred day moving average price is $79.78. The company has a market capitalization of $6.98 billion, a P/E ratio of 85.88, a P/E/G ratio of 0.93 and a beta of 0.57.

Parsons declared that its board has approved a share repurchase program on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts recently commented on PSN shares. Benchmark reiterated a “buy” rating and issued a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. The Goldman Sachs Group cut their price objective on Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Baird R W downgraded Parsons from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 1st. Truist Financial reiterated a “buy” rating and set a $80.00 price target (up from $70.00) on shares of Parsons in a report on Thursday, May 1st. Finally, William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $90.20.

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.