Parsons (NYSE:PSN) Earns Hold Rating from Jefferies Financial Group

Parsons (NYSE:PSN - Get Free Report)'s stock had its "hold" rating restated by analysts at Jefferies Financial Group in a report issued on Monday, Marketbeat reports. They currently have a $65.00 target price on the stock, down from their previous target price of $75.00. Jefferies Financial Group's target price points to a potential upside of 3.24% from the company's previous close.

Several other analysts have also recently issued reports on the stock. The Goldman Sachs Group reduced their price target on shares of Parsons from $109.00 to $98.00 and set a "buy" rating on the stock in a research report on Tuesday, February 25th. 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. William Blair raised Parsons from a "market perform" rating to an "outperform" rating in a research report on Tuesday, February 18th. Baird R W lowered Parsons from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Finally, KeyCorp cut their price target on Parsons from $76.00 to $73.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Parsons currently has a consensus rating of "Moderate Buy" and a consensus price target of $90.20.

Parsons Trading Up 0.4 %

Shares of NYSE PSN traded up $0.25 during trading on Monday, reaching $62.96. The stock had a trading volume of 906,124 shares, compared to its average volume of 1,119,611. The business's 50-day moving average price is $61.63 and its 200-day moving average price is $81.09. Parsons has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The company has a market cap of $6.73 billion, a P/E ratio of 82.84, a PEG ratio of 0.93 and a beta of 0.57.

Parsons announced that its board has initiated a stock buyback 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 often an indication that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PSN. Artisan Partners Limited Partnership increased its position in Parsons by 271.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company's stock worth $190,932,000 after buying an additional 1,512,812 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Parsons in the 4th quarter worth about $63,417,000. Norges Bank acquired a new position in Parsons during the 4th quarter valued at about $59,447,000. Freestone Grove Partners LP bought a new position in Parsons in the 4th quarter worth about $40,318,000. Finally, Mackenzie Financial Corp increased its stake in shares of Parsons by 53.8% in the first quarter. Mackenzie Financial Corp now owns 1,084,288 shares of the company's stock valued at $64,201,000 after purchasing an additional 379,254 shares during the period. 98.02% of the stock is currently owned by 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.