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

Parsons Co. (NYSE:PSN) has received an average rating of “Moderate Buy” from the ten ratings firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $99.44.

A number of equities research analysts recently commented on PSN shares. Raymond James lowered Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Benchmark restated a “buy” rating and set a $90.00 price target on shares of Parsons in a research note on Wednesday, February 26th. TD Cowen lowered Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price for the company. in a report on Friday, February 21st. Finally, Jefferies Financial Group decreased their price target on shares of Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, January 24th.

Parsons Trading Down 0.6 %

PSN opened at $61.17 on Thursday. Parsons has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The firm has a market capitalization of $6.53 billion, a PE ratio of 80.49, a P/E/G ratio of 0.93 and a beta of 0.78. 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’s 50-day moving average is $70.00 and its 200 day moving average is $89.66.

Parsons announced that its board has authorized a stock repurchase program 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 shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Parsons

Institutional investors have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC bought a new stake in Parsons in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Parsons during the fourth quarter valued at about $25,000. ORG Wealth Partners LLC bought a new stake in shares of Parsons during the fourth quarter valued at approximately $26,000. Huntington National Bank increased its stake in shares of Parsons by 28,900.0% in the 4th quarter. Huntington National Bank now owns 290 shares of the company’s stock worth $27,000 after acquiring an additional 289 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Parsons by 224.7% during 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 last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

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.