Share Repurchase Program Declared by Parsons (NYSE:PSN) Board of Directors

Parsons (NYSE:PSN) announced that its Board of Directors has approved a stock repurchase program on Monday, March 24th, RTT News reports. The company plans to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Parsons Stock Up 2.0 %

NYSE:PSN opened at $61.65 on Wednesday. Parsons has a twelve month low of $54.56 and a twelve month high of $114.68. The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of 81.12, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The stock’s 50 day moving average price is $70.69 and its two-hundred day moving average price is $89.86.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Raymond James lowered shares of Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Robert W. Baird dropped their price target on Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. KeyCorp reduced their price objective on Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. Finally, The Goldman Sachs Group cut their target price on Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $99.44.

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.