Parsons' (PSN) "Overweight" Rating Reaffirmed at KeyCorp

Parsons (NYSE:PSN - Get Free Report)'s stock had its "overweight" rating reissued by equities researchers at KeyCorp in a report issued on Wednesday, MarketBeat.com reports. They presently have a $82.00 price objective on the stock, up from their prior price objective of $73.00. KeyCorp's price objective indicates a potential upside of 7.39% from the company's previous close.

A number of other brokerages also recently commented on PSN. Raymond James Financial upgraded shares of Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 target price for the company in a research note on Tuesday, July 8th. Baird R W downgraded shares of Parsons from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. The Goldman Sachs Group decreased their price objective on shares of Parsons from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Wednesday, June 4th. Robert W. Baird downgraded shares of Parsons from an "outperform" rating to a "neutral" rating and decreased their price objective for the company from $72.00 to $69.00 in a research note on Thursday, May 1st. Finally, Stifel Nicolaus assumed coverage on shares of Parsons in a research note on Tuesday, June 24th. They issued a "buy" rating and a $81.00 price objective for the company. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $85.20.

Parsons Trading Down 0.3%

Parsons stock traded down $0.23 during trading on Wednesday, reaching $76.36. 853,691 shares of the company were exchanged, compared to its average volume of 1,222,013. Parsons has a 52-week low of $54.56 and a 52-week high of $114.68. The company has a market capitalization of $8.16 billion, a P/E ratio of 32.22, a PEG ratio of 4.56 and a beta of 0.55. 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's 50 day simple moving average is $69.87 and its two-hundred day simple moving average is $70.08.

Parsons declared that its Board of Directors has authorized a share buyback program on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to purchase up to 3.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Institutional Trading of Parsons

Several hedge funds and other institutional investors have recently bought and sold shares of PSN. CIBC Private Wealth Group LLC acquired a new position in shares of Parsons during the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd purchased a new position in Parsons in the 4th quarter valued at about $25,000. Huntington National Bank boosted its position in 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 during the last quarter. Quarry LP purchased a new position in Parsons in the 4th quarter valued at about $30,000. Finally, Headlands Technologies LLC purchased a new position in Parsons in the 4th quarter valued at about $34,000. 98.02% of the stock is 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.