KeyCorp Lowers Parsons (NYSE:PSN) Price Target to $73.00

Parsons (NYSE:PSN - Free Report) had its price target trimmed by KeyCorp from $76.00 to $73.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages have also issued reports on PSN. Robert W. Baird reduced their target price on shares of Parsons from $125.00 to $78.00 and set an "outperform" rating on the stock in a research note on Thursday, February 20th. Jefferies Financial Group reduced their price target on Parsons from $110.00 to $100.00 and set a "buy" rating on the stock in a research report on Friday, January 24th. Raymond James cut Parsons from an "outperform" rating to a "market perform" rating in a report on Thursday, January 2nd. TD Cowen downgraded shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 price target on the stock. in a research report on Friday, February 21st. Finally, Truist Financial reduced their price target on shares of Parsons from $85.00 to $70.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $93.60.

Parsons Trading Down 2.9 %

PSN traded down $1.91 during mid-day trading on Wednesday, reaching $63.21. The stock had a trading volume of 215,859 shares, compared to its average volume of 1,071,207. The stock has a market capitalization of $6.75 billion, a P/E ratio of 83.17, a P/E/G ratio of 0.93 and a beta of 0.66. Parsons has a 52 week low of $54.56 and a 52 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 firm's fifty day simple moving average is $61.75 and its two-hundred day simple moving average is $84.57.

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

Institutional Investors Weigh In On Parsons

Several institutional investors have recently bought and sold shares of PSN. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Parsons by 0.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 14,207 shares of the company's stock worth $1,311,000 after purchasing an additional 131 shares in the last quarter. ProShare Advisors LLC lifted its position in 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 buying an additional 149 shares in the last quarter. CIBC Asset Management Inc boosted its stake 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 worth $303,000 after buying an additional 163 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Parsons by 0.6% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 32,126 shares of the company's stock valued at $2,964,000 after acquiring an additional 191 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in shares of Parsons by 1.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 17,205 shares of the company's stock valued at $1,587,000 after acquiring an additional 194 shares during the last quarter. Institutional investors 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.