Parsons (NYSE:PSN) Rating Lowered to "Neutral" at Robert W. Baird

Robert W. Baird downgraded shares of Parsons (NYSE:PSN - Free Report) from an outperform rating to a neutral rating in a research report report published on Thursday morning, Marketbeat reports. The brokerage currently has $69.00 price target on the stock, down from their prior price target of $72.00.

Several other research analysts have also commented on PSN. Bank of America dropped their price target on shares of Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. Raymond James cut Parsons from an "outperform" rating to a "market perform" rating in a research report on Thursday, January 2nd. TD Cowen lowered Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective on the stock. in a report on Friday, February 21st. KeyCorp reduced their target price on Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Jefferies Financial Group lowered their price target on Parsons from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, January 24th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $93.70.

Parsons Stock Down 1.8 %

Shares of NYSE PSN traded down $1.15 during trading hours on Thursday, hitting $62.75. The stock had a trading volume of 2,335,750 shares, compared to its average volume of 1,110,984. The firm's 50-day moving average price is $61.41 and its two-hundred day moving average price is $81.86. Parsons has a 52 week low of $54.56 and a 52 week high of $114.68. The company has a market capitalization of $6.70 billion, a P/E ratio of 82.57, a P/E/G ratio of 0.93 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29.

Parsons declared that its Board of Directors has approved a share buyback plan on Monday, March 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Parsons

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC acquired a new stake in shares of Parsons during the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Parsons during the fourth quarter worth $25,000. ORG Wealth Partners LLC bought a new stake in Parsons in the 4th quarter valued at $26,000. Huntington National Bank raised its stake in shares of Parsons by 28,900.0% in the 4th quarter. Huntington National Bank now owns 290 shares of the company's stock valued at $27,000 after buying an additional 289 shares in the last quarter. Finally, Versant Capital Management Inc bought a new position in shares of Parsons during the 1st quarter worth about $27,000. 98.02% of the stock is currently owned by institutional investors.

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.