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

Parsons (NYSE:PSN) declared that its Board of Directors has authorized a stock buyback plan on Monday, March 24th, RTT News reports. The company plans to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

PSN has been the subject of several research analyst reports. Robert W. Baird reduced their target price on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Benchmark restated a “buy” rating and set a $90.00 price objective on shares of Parsons in a report on Wednesday, February 26th. The Goldman Sachs Group lowered 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. TD Cowen downgraded Parsons from a “buy” rating to a “hold” rating and set a $105.00 price target for the company. in a research note on Friday, February 21st. Finally, KeyCorp lowered their price objective on Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $99.44.

Parsons Stock Performance

NYSE:PSN opened at $61.65 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. Parsons has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The company has a market cap of $6.58 billion, a price-to-earnings ratio of 81.12, a PEG ratio of 0.93 and a beta of 0.78. The stock has a fifty day moving average price of $70.69 and a 200-day moving average price of $89.86.

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.