Parsons Corporation (NYSE:PSN) Given Consensus Rating of "Moderate Buy" by Analysts

Parsons Corporation (NYSE:PSN - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the twelve analysts that are presently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $86.80.

A number of research firms have weighed in on PSN. Truist Financial reissued a "buy" rating and set a $80.00 target price (up from $70.00) on shares of Parsons in a report on Thursday, May 1st. Jefferies Financial Group upped their price objective on shares of Parsons from $70.00 to $80.00 and gave the company a "hold" rating in a research note on Wednesday. Robert W. Baird cut shares of Parsons from an "outperform" rating to a "neutral" rating and reduced their price target for the stock from $72.00 to $69.00 in a report on Thursday, May 1st. Bank of America reduced their price target on shares of Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a report on Tuesday, June 3rd. Finally, Stifel Nicolaus began coverage on shares of Parsons in a report on Tuesday, June 24th. They issued a "buy" rating and a $81.00 price target for the company.

Parsons Price Performance

PSN stock opened at $74.62 on Friday. Parsons has a 1 year low of $54.56 and a 1 year high of $114.68. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market cap of $7.98 billion, a price-to-earnings ratio of 31.49, a P/E/G ratio of 4.38 and a beta of 0.55. The company has a 50 day simple moving average of $67.75 and a 200 day simple moving average of $71.37.

Parsons declared that its Board of Directors has initiated a share repurchase plan on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback plans are usually 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 the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in 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 acquiring an additional 131 shares during the period. ProShare Advisors LLC raised its position in shares of Parsons by 7.3% in the fourth quarter. ProShare Advisors LLC now owns 2,185 shares of the company's stock valued at $202,000 after purchasing an additional 149 shares during the period. CWM LLC raised its position in shares of Parsons by 2.1% in the first quarter. CWM LLC now owns 7,810 shares of the company's stock valued at $462,000 after purchasing an additional 163 shares during the period. Public Employees Retirement System of Ohio raised 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 purchasing an additional 194 shares during the period. Finally, New York State Teachers Retirement System raised its position in shares of Parsons by 1.8% in the first quarter. New York State Teachers Retirement System now owns 11,317 shares of the company's stock valued at $670,000 after purchasing an additional 200 shares during the period. 98.02% of the stock is currently owned by hedge funds and other 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.

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