GAMMA Investing LLC Grows Holdings in Parsons Co. (NYSE:PSN)

GAMMA Investing LLC raised its position in Parsons Co. (NYSE:PSN) by 19,411.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,460 shares of the company’s stock after purchasing an additional 61,145 shares during the period. GAMMA Investing LLC’s holdings in Parsons were worth $3,639,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Versant Capital Management Inc purchased a new position in shares of Parsons during the 1st quarter worth about $27,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Parsons by 64.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 9,408 shares of the company’s stock worth $868,000 after acquiring an additional 3,701 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Parsons during the 4th quarter worth about $5,144,000. Polar Asset Management Partners Inc. lifted its holdings in shares of Parsons by 117.3% during the 4th quarter. Polar Asset Management Partners Inc. now owns 79,305 shares of the company’s stock worth $7,316,000 after acquiring an additional 42,805 shares during the period. Finally, Pullen Investment Management LLC lifted its holdings in shares of Parsons by 46.5% during the 4th quarter. Pullen Investment Management LLC now owns 17,133 shares of the company’s stock worth $1,581,000 after acquiring an additional 5,438 shares during the period. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Stock Down 0.2%

Shares of NYSE:PSN opened at $69.61 on Thursday. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. Parsons Co. has a 52-week low of $54.56 and a 52-week high of $114.68. The company has a 50 day moving average of $65.55 and a two-hundred day moving average of $74.47. The company has a market capitalization of $7.44 billion, a price-to-earnings ratio of 91.59, a price-to-earnings-growth ratio of 0.93 and a beta of 0.53.

Parsons announced that its Board of Directors has initiated 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 reacquire up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. KeyCorp cut their price target on shares of Parsons from $76.00 to $73.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Bank of America cut their price target on shares of Parsons from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Tuesday, June 3rd. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Benchmark restated a “buy” rating and issued a $90.00 price target on shares of Parsons in a report on Wednesday, February 26th. 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 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $86.90.

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.