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

Shares of Parsons Co. (NYSE:PSN) have received a consensus recommendation of “Moderate Buy” from the ten research firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $99.44.

Several research analysts have issued reports on the company. William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Jefferies Financial Group cut 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. KeyCorp decreased their price target on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. The Goldman Sachs Group dropped their price objective 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. Finally, Robert W. Baird decreased their target price on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th.

Parsons Price Performance

PSN stock opened at $59.30 on Thursday. 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 $67.87 and its 200-day moving average is $88.87. The stock has a market capitalization of $6.33 billion, a PE ratio of 78.02, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78. Parsons has a 1 year low of $54.56 and a 1 year high of $114.68.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSN. Fisher Asset Management LLC lifted its position in shares of Parsons by 2.1% during the 3rd quarter. Fisher Asset Management LLC now owns 4,364 shares of the company’s stock worth $452,000 after buying an additional 90 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Parsons by 0.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 14,207 shares of the company’s stock worth $1,311,000 after acquiring an additional 131 shares during the period. ProShare Advisors LLC boosted its position in Parsons by 7.3% in the fourth 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 last quarter. CIBC Asset Management Inc increased its position in shares of Parsons by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,287 shares of the company’s stock valued at $303,000 after purchasing an additional 163 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in shares of 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 last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Company Profile

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.