Parsons Co. (NYSE:PSN) Stake Raised by Man Group plc

Man Group plc grew its holdings in shares of Parsons Co. (NYSE:PSN) by 144.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,501 shares of the company’s stock after buying an additional 15,649 shares during the period. Man Group plc’s holdings in Parsons were worth $2,445,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC bought a new stake in Parsons during the fourth quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new stake in Parsons during the fourth quarter worth approximately $25,000. Huntington National Bank raised its holdings in Parsons by 28,900.0% during the fourth quarter. Huntington National Bank now owns 290 shares of the company’s stock worth $27,000 after purchasing an additional 289 shares in the last quarter. Quarry LP bought a new stake in Parsons during the fourth quarter worth approximately $30,000. Finally, Principal Securities Inc. bought a new stake in Parsons during the fourth quarter worth approximately $33,000. Institutional investors own 98.02% of the company’s stock.

Parsons Trading Up 1.3%

NYSE PSN opened at $68.06 on Friday. Parsons Co. has a twelve month low of $54.56 and a twelve month 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 stock has a market cap of $7.27 billion, a price-to-earnings ratio of 89.56, a PEG ratio of 0.93 and a beta of 0.57. The firm’s 50 day moving average price is $63.58 and its two-hundred day moving average price is $78.06.

Parsons declared that its board has authorized a stock repurchase program on Monday, March 24th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PSN. William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. TD Cowen cut Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price on the stock. in a report on Friday, February 21st. KeyCorp decreased their price target on shares of Parsons from $76.00 to $73.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Bank of America decreased their price target on shares of Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. Finally, Truist Financial restated a “buy” rating and issued a $80.00 price target (up previously from $70.00) on shares of Parsons in a research report on Thursday, May 1st. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $90.20.

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.