Stifel Nicolaus Begins Coverage on Parsons (NYSE:PSN)

Investment analysts at Stifel Nicolaus started coverage on shares of Parsons (NYSE:PSN - Get Free Report) in a research note issued on Tuesday. The firm set a "buy" rating and a $81.00 price target on the stock. Stifel Nicolaus' target price points to a potential upside of 21.93% from the stock's previous close.

Other analysts have also issued reports about the stock. Robert W. Baird lowered shares of Parsons from an "outperform" rating to a "neutral" rating and lowered their price objective for the stock from $72.00 to $69.00 in a report on Thursday, May 1st. Truist Financial reissued a "buy" rating and set a $80.00 price target (up from $70.00) on shares of Parsons in a research report on Thursday, May 1st. Bank of America dropped their price objective on shares of Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a research note on Tuesday, June 3rd. Jefferies Financial Group reaffirmed a "hold" rating and set a $65.00 target price (down previously from $75.00) on shares of Parsons in a research note on Monday, May 5th. Finally, Baird R W lowered shares of Parsons from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Parsons has an average rating of "Moderate Buy" and an average price target of $85.30.

Parsons Stock Down 0.9%

Shares of NYSE PSN opened at $66.43 on Tuesday. The company has a market cap of $7.10 billion, a price-to-earnings ratio of 28.03, a PEG ratio of 3.83 and a beta of 0.53. Parsons has a 52 week low of $54.56 and a 52 week high of $114.68. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The firm's fifty day moving average is $66.55 and its 200 day moving average is $72.57.

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

Hedge Funds Weigh In On Parsons

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Groupama Asset Managment bought a new stake in Parsons in the 1st quarter valued at $136,183,000. Artisan Partners Limited Partnership grew its position in shares of Parsons by 271.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company's stock valued at $190,932,000 after purchasing an additional 1,512,812 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Parsons in the fourth quarter worth about $63,417,000. Norges Bank purchased a new stake in shares of Parsons in the fourth quarter worth about $59,447,000. Finally, Freestone Grove Partners LP bought a new position in Parsons during the fourth quarter valued at approximately $40,318,000. 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.

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