Point72 Hong Kong Ltd Takes $332,000 Position in Parsons Co. (NYSE:PSN)

Point72 Hong Kong Ltd bought a new stake in Parsons Co. (NYSE:PSN) in the 4th quarter, according to its most recent filing with the SEC. The fund bought 3,597 shares of the company’s stock, valued at approximately $332,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Polar Asset Management Partners Inc. increased its holdings in Parsons by 117.3% in the fourth quarter. Polar Asset Management Partners Inc. now owns 79,305 shares of the company’s stock valued at $7,316,000 after buying an additional 42,805 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Parsons by 7.3% during the 4th quarter. ProShare Advisors LLC now owns 2,185 shares of the company’s stock valued at $202,000 after acquiring an additional 149 shares during the period. Paradoxiom Capital L.P. purchased a new position in shares of Parsons in the 4th quarter valued at about $5,402,000. Man Group plc increased its stake in shares of Parsons by 144.2% in 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 in the last quarter. Finally, Nomura Holdings Inc. raised its holdings in Parsons by 4.3% in the 4th quarter. Nomura Holdings Inc. now owns 156,861 shares of the company’s stock worth $14,470,000 after purchasing an additional 6,398 shares during the period. 98.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PSN. Bank of America cut their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. KeyCorp dropped their price target on shares of Parsons from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. TD Cowen cut shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 price objective for the company. in a research report on Friday, February 21st. Jefferies Financial Group reaffirmed a “hold” rating and set a $65.00 price objective (down from $75.00) on shares of Parsons in a report on Monday, May 5th. Finally, Truist Financial reiterated a “buy” rating and issued a $80.00 price objective (up from $70.00) on shares of Parsons in a report on Thursday, May 1st. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $90.20.

Parsons Stock Up 1.1%

PSN stock opened at $69.03 on Friday. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average of $62.77 and a two-hundred day moving average of $79.19. Parsons Co. has a 12 month low of $54.56 and a 12 month high of $114.68. The company has a market cap of $7.38 billion, a price-to-earnings ratio of 90.83, a PEG ratio of 0.93 and a beta of 0.57.

Parsons announced that its board has approved a stock repurchase plan on Monday, March 24th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

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.