Parsons Co. (NYSE:PSN) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC boosted its stake in shares of Parsons Co. (NYSE:PSN - Free Report) by 16.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 199,500 shares of the company's stock after buying an additional 28,900 shares during the period. Renaissance Technologies LLC owned approximately 0.19% of Parsons worth $18,404,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Parsons by 0.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 14,207 shares of the company's stock worth $1,311,000 after purchasing an additional 131 shares during the period. CIBC Asset Management Inc grew its stake in Parsons by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,287 shares of the company's stock worth $303,000 after acquiring an additional 163 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in Parsons by 0.6% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 32,126 shares of the company's stock worth $2,964,000 after purchasing an additional 191 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Parsons by 224.7% during the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company's stock valued at $29,000 after buying an additional 218 shares during the period. Finally, Xponance Inc. grew its holdings in Parsons by 5.0% during the 4th quarter. Xponance Inc. now owns 5,254 shares of the company's stock worth $485,000 after acquiring an additional 250 shares in the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on PSN. The Goldman Sachs Group lowered their target price on shares of Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. TD Cowen lowered 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. Raymond James lowered shares of Parsons from an "outperform" rating to a "market perform" rating in a report on Thursday, January 2nd. Benchmark reissued a "buy" rating and set a $90.00 price target on shares of Parsons in a report on Wednesday, February 26th. Finally, Truist Financial lowered their target price on shares of Parsons from $85.00 to $70.00 and set a "buy" rating on the stock in a research note on Monday. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $93.60.

Parsons Stock Performance

Shares of PSN stock traded up $0.50 during midday trading on Friday, hitting $65.03. The company had a trading volume of 1,255,617 shares, compared to its average volume of 1,071,205. Parsons Co. has a 52-week low of $54.56 and a 52-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 company's 50 day simple moving average is $61.98 and its 200 day simple moving average is $85.13. The stock has a market cap of $6.94 billion, a price-to-earnings ratio of 85.57, a PEG ratio of 0.93 and a beta of 0.66.

Parsons announced that its board has authorized a share buyback plan on Monday, March 24th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors 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.