Parsons Co. (NYSE:PSN) Receives $86.90 Average Target Price from Analysts

Shares of Parsons Co. (NYSE:PSN - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the twelve ratings firms that are presently covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $86.90.

A number of analysts recently weighed in on the company. The Goldman Sachs Group decreased their price target on Parsons from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Wednesday, June 4th. Truist Financial reissued a "buy" rating and issued a $80.00 price target (up from $70.00) on shares of Parsons in a report on Thursday, May 1st. TD Cowen lowered shares of Parsons from a "buy" rating to a "hold" rating and set a $105.00 target price on the stock. in a research report on Friday, February 21st. KeyCorp cut their price objective on shares of Parsons from $76.00 to $73.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Baird R W cut Parsons from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st.

Parsons Stock Performance

Shares of NYSE:PSN traded up $0.14 on Tuesday, reaching $69.66. The company's stock had a trading volume of 917,448 shares, compared to its average volume of 1,191,220. Parsons has a 52-week low of $54.56 and a 52-week high of $114.68. The stock's 50-day moving average is $65.16 and its two-hundred day moving average is $74.53. 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 stock has a market capitalization of $7.45 billion, a P/E ratio of 91.66, a PEG ratio of 0.93 and a beta of 0.53.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PSN. Groupama Asset Managment bought a new position in Parsons in the first quarter worth about $136,183,000. Artisan Partners Limited Partnership raised its position in shares of Parsons by 271.6% during the 4th 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 in the last quarter. Raymond James Financial Inc. acquired a new stake in Parsons in the fourth quarter worth approximately $63,417,000. Norges Bank acquired a new stake in shares of Parsons in the fourth quarter valued at $59,447,000. Finally, Freestone Grove Partners LP bought a new position in shares of Parsons during the 4th quarter valued at about $40,318,000. 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.