Parsons Co. (NYSE:PSN) Given Average Rating of “Moderate Buy” by Brokerages

Parsons Co. (NYSE:PSN) has been assigned an average recommendation of “Moderate Buy” from the eleven research firms that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $93.60.

Several research firms have weighed in on PSN. Benchmark reissued a “buy” rating and issued a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. The Goldman Sachs Group lowered their price objective on shares of Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. KeyCorp cut their target price on shares of Parsons from $76.00 to $73.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Truist Financial reduced their price target on shares of Parsons from $85.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, Bank of America dropped their price objective on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, April 1st.

Institutional Investors Weigh In On Parsons

Several hedge funds have recently made changes to their positions in the business. CIBC Private Wealth Group LLC purchased a new position in Parsons during the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Parsons during the 4th quarter valued at about $25,000. ORG Wealth Partners LLC purchased a new position in shares of Parsons during the 4th quarter worth about $26,000. Huntington National Bank boosted its position in shares of Parsons by 28,900.0% in the fourth quarter. Huntington National Bank now owns 290 shares of the company’s stock worth $27,000 after acquiring an additional 289 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock valued at $29,000 after purchasing an additional 218 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Stock Performance

PSN opened at $65.03 on Monday. Parsons has a 1-year low of $54.56 and a 1-year high of $114.68. The stock has a market cap of $6.94 billion, a P/E ratio of 85.57, a P/E/G ratio of 0.93 and a beta of 0.66. The stock’s 50 day simple moving average is $61.75 and its 200 day simple moving average is $84.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55.

Parsons declared that its Board of Directors has authorized a stock buyback plan on Monday, March 24th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is 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.