Federated Hermes Inc. Acquires 7,461 Shares of Parsons Co. (NYSE:PSN)

Federated Hermes Inc. boosted its stake in shares of Parsons Co. (NYSE:PSN - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 396,973 shares of the company's stock after purchasing an additional 7,461 shares during the quarter. Federated Hermes Inc. owned 0.37% of Parsons worth $36,621,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its position in shares of Parsons by 5.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 150,597 shares of the company's stock valued at $13,893,000 after buying an additional 8,237 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Parsons during the fourth quarter valued at about $1,126,000. Huntington National Bank raised its holdings in Parsons by 28,900.0% in the 4th quarter. Huntington National Bank now owns 290 shares of the company's stock valued at $27,000 after acquiring an additional 289 shares in the last quarter. Discovery Capital Management LLC CT acquired a new stake in shares of Parsons during the 4th quarter worth approximately $14,234,000. Finally, Trexquant Investment LP increased its position in shares of Parsons by 897.7% during the fourth quarter. Trexquant Investment LP now owns 142,176 shares of the company's stock valued at $13,116,000 after purchasing an additional 127,926 shares during the period. 98.02% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on PSN shares. Jefferies Financial Group reduced their target price on Parsons from $110.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, January 24th. TD Cowen downgraded shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective for the company. in a report on Friday, February 21st. Bank of America lowered their target price on shares of Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. KeyCorp cut their price target on shares of Parsons from $122.00 to $102.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Finally, Benchmark reiterated a "buy" rating and issued a $90.00 price objective on shares of Parsons in a research note on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $100.50.

Parsons Price Performance

NYSE PSN traded up $1.36 on Friday, hitting $64.63. 1,125,269 shares of the company were exchanged, compared to its average volume of 1,064,119. Parsons Co. has a 1-year low of $54.56 and a 1-year high of $114.68. The firm has a 50 day moving average of $63.01 and a two-hundred day moving average of $85.97. The company has a market cap of $6.90 billion, a P/E ratio of 85.04, a P/E/G ratio of 0.93 and a beta of 0.66. 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 announced that its board has approved a stock buyback plan on Monday, March 24th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

About Parsons

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.