Bank of America Lowers Parsons (NYSE:PSN) Price Target to $95.00

Parsons (NYSE:PSN - Get Free Report) had its price objective lowered by equities researchers at Bank of America from $100.00 to $95.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Bank of America's target price points to a potential upside of 38.10% from the company's current price.

Other analysts have also recently issued research reports about the company. William Blair upgraded Parsons from a "market perform" rating to an "outperform" rating in a research report on Tuesday, February 18th. TD Cowen downgraded Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective for the company. in a report on Friday, February 21st. KeyCorp reduced their price target on shares of Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Benchmark reissued a "buy" rating and set a $90.00 price objective on shares of Parsons in a research report on Wednesday, February 26th. Finally, The Goldman Sachs Group reduced their target price on shares of Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Parsons has a consensus rating of "Moderate Buy" and an average target price of $86.90.

Parsons Stock Up 1.6%

Shares of NYSE PSN traded up $1.05 during mid-day trading on Tuesday, reaching $68.79. The company had a trading volume of 2,353,181 shares, compared to its average volume of 1,185,916. The firm has a 50 day simple moving average of $64.48 and a two-hundred day simple moving average of $75.45. Parsons has a 52-week low of $54.56 and a 52-week 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. The stock has a market cap of $7.35 billion, a P/E ratio of 90.51, a PEG ratio of 0.93 and a beta of 0.57.

Parsons declared that its board has initiated a stock repurchase program on Monday, March 24th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to purchase up to 3.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Parsons

A number of hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Parsons by 0.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 14,207 shares of the company's stock worth $1,311,000 after buying an additional 131 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Parsons by 7.3% in the 4th quarter. ProShare Advisors LLC now owns 2,185 shares of the company's stock worth $202,000 after acquiring an additional 149 shares during the period. CIBC Asset Management Inc increased its stake in Parsons by 5.2% in 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 in the last quarter. CWM LLC raised its holdings in Parsons by 2.1% during the first quarter. CWM LLC now owns 7,810 shares of the company's stock worth $462,000 after purchasing an additional 163 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its position in Parsons by 0.6% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 32,126 shares of the company's stock worth $2,964,000 after purchasing an additional 191 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

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.