Parsons Co. (NYSE:PSN) Receives $99.44 Consensus Price Target from Brokerages

Parsons Co. (NYSE:PSN) has earned a consensus rating of “Moderate Buy” from the ten research firms that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $99.44.

A number of research analysts recently commented on PSN shares. The Goldman Sachs Group decreased their price target 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. William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. 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. Robert W. Baird decreased their price objective on Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Finally, Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd.

Parsons Price Performance

NYSE:PSN opened at $59.37 on Thursday. The firm’s fifty day moving average price is $68.59 and its two-hundred day moving average price is $89.16. 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 has a market cap of $6.34 billion, a P/E ratio of 78.12, a P/E/G ratio of 0.93 and a beta of 0.78. Parsons has a one year low of $54.56 and a one year high of $114.68.

Parsons declared that its Board of Directors has approved a share buyback program on Monday, March 24th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

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

About Parsons

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.