Parsons (NYSE:PSN) Stock Rating Lowered by Robert W. Baird

Parsons (NYSE:PSN) was downgraded by investment analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a report issued on Thursday, Marketbeat Ratings reports. They currently have a $69.00 target price on the stock, down from their previous target price of $72.00. Robert W. Baird’s price target points to a potential upside of 9.96% from the stock’s current price.

PSN has been the topic of several other research reports. KeyCorp dropped their price objective 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 $130.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, April 1st. Raymond James downgraded shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. Finally, TD Cowen cut Parsons from a “buy” rating to a “hold” rating and set a $105.00 price target for the company. in a report on Friday, February 21st. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Parsons has an average rating of “Moderate Buy” and an average price target of $93.70.

Parsons Stock Performance

Shares of PSN stock opened at $62.75 on Thursday. The firm has a market cap of $6.70 billion, a P/E ratio of 82.57, a PEG ratio of 0.93 and a beta of 0.66. The stock’s 50-day moving average is $61.41 and its two-hundred day moving average is $82.04. 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 has a fifty-two week low of $54.56 and a fifty-two week high of $114.68.

Parsons announced that its Board of Directors has initiated a share buyback plan on Monday, March 24th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Parsons

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Parsons by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 4,575,535 shares of the company’s stock worth $422,093,000 after purchasing an additional 59,545 shares in the last quarter. Artisan Partners Limited Partnership grew its stake in Parsons by 271.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock worth $190,932,000 after buying an additional 1,512,812 shares in the last quarter. Invesco Ltd. increased its holdings in Parsons by 14.2% in the 4th quarter. Invesco Ltd. now owns 2,056,390 shares of the company’s stock valued at $189,702,000 after buying an additional 255,810 shares during the period. Principal Financial Group Inc. raised its position in shares of Parsons by 18.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after buying an additional 183,117 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Parsons by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,189,811 shares of the company’s stock worth $109,762,000 after acquiring an additional 26,230 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

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.