Parsons (NYSE:PSN) Price Target Lowered to $110.00 at Bank of America

Parsons (NYSE:PSN) had its price objective decreased by equities research analysts at Bank of America from $130.00 to $110.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective indicates a potential upside of 73.75% from the stock’s current price.

Several other equities research analysts have also commented on PSN. Benchmark reissued a “buy” rating and issued a $90.00 price target on shares of Parsons in a report on Wednesday, February 26th. KeyCorp decreased their target price on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Raymond James cut shares of Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. TD Cowen lowered Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price on the stock. in a research note on Friday, February 21st. Finally, The Goldman Sachs Group cut their price objective on Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Parsons currently has a consensus rating of “Moderate Buy” and an average target price of $100.50.

Parsons Stock Up 6.3 %

Shares of PSN stock opened at $63.31 on Tuesday. The stock has a 50 day moving average of $66.51 and a 200 day moving average of $88.42. The stock has a market cap of $6.76 billion, a P/E ratio of 83.30, a P/E/G ratio of 0.93 and a beta of 0.78. Parsons has a twelve month low of $54.56 and a twelve month high of $114.68. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31.

Parsons announced that its board has authorized a stock buyback plan on Monday, March 24th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Parsons

A number of large investors have recently made changes to their positions in PSN. CIBC Private Wealth Group LLC acquired a new stake in Parsons during the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Parsons in the 4th quarter worth about $25,000. ORG Wealth Partners LLC purchased a new position in shares of Parsons during the 4th quarter worth approximately $26,000. Huntington National Bank lifted its position in shares of Parsons by 28,900.0% in the fourth quarter. Huntington National Bank now owns 290 shares of the company’s stock valued at $27,000 after acquiring an additional 289 shares in the last quarter. Finally, GAMMA Investing LLC grew 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 worth $29,000 after buying an additional 218 shares in the last quarter. 98.02% of the stock is owned by institutional investors and hedge funds.

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.