Parsons Co. (NYSE:PSN) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Parsons Co. (NYSE:PSN) have been given a consensus recommendation of “Moderate Buy” by the eleven analysts that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $93.60.

A number of analysts recently weighed in on PSN shares. Bank of America decreased their price target on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. Robert W. Baird decreased their target price on Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Jefferies Financial Group dropped their target price on Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, January 24th. William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. Finally, Raymond James lowered shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd.

Hedge Funds Weigh In On Parsons

Hedge funds have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Parsons by 0.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 14,207 shares of the company’s stock valued at $1,311,000 after buying an additional 131 shares during the period. ProShare Advisors LLC raised its position in shares of Parsons by 7.3% during the 4th quarter. ProShare Advisors LLC now owns 2,185 shares of the company’s stock worth $202,000 after purchasing an additional 149 shares during the period. CIBC Asset Management Inc lifted its holdings in shares of Parsons by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,287 shares of the company’s stock worth $303,000 after purchasing an additional 163 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its position in Parsons by 0.6% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 32,126 shares of the company’s stock valued at $2,964,000 after purchasing an additional 191 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in Parsons by 1.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 17,205 shares of the company’s stock worth $1,587,000 after buying an additional 194 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Price Performance

PSN opened at $65.03 on Monday. Parsons has a 52-week low of $54.56 and a 52-week high of $114.68. The company has a 50 day moving average of $61.75 and a two-hundred day moving average of $84.57. The company has a market cap of $6.94 billion, a P/E ratio of 85.57, a P/E/G ratio of 0.93 and a beta of 0.66. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31.

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

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.