Parsons Co. (NYSE:PSN) Receives $99.44 Average PT from Analysts

Parsons Co. (NYSE:PSN) has been assigned an average rating of “Moderate Buy” from the eleven ratings firms that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $100.50.

PSN has been the topic of a number of research reports. Jefferies Financial Group cut their price objective on shares of Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. KeyCorp decreased their price objective on Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. The Goldman Sachs Group dropped their target price on Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Finally, TD Cowen downgraded Parsons from a “buy” rating to a “hold” rating and set a $105.00 price target for the company. in a research note on Friday, February 21st.

Parsons Trading Up 6.3 %

NYSE PSN opened at $63.31 on Thursday. The stock has a market capitalization of $6.76 billion, a price-to-earnings ratio of 83.30, a PEG ratio of 0.93 and a beta of 0.78. Parsons has a 52 week low of $54.56 and a 52 week high of $114.68. The stock’s 50 day moving average price is $66.51 and its two-hundred day moving average price is $88.42. 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 announced that its board has authorized a share repurchase plan on Monday, March 24th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 3.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Parsons

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PSN. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Parsons by 64.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 9,408 shares of the company’s stock worth $868,000 after buying an additional 3,701 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Parsons during the fourth quarter worth approximately $5,144,000. Polar Asset Management Partners Inc. boosted its holdings in shares of Parsons by 117.3% during the fourth quarter. Polar Asset Management Partners Inc. now owns 79,305 shares of the company’s stock worth $7,316,000 after acquiring an additional 42,805 shares during the period. Pullen Investment Management LLC grew its position in shares of Parsons by 46.5% in the fourth quarter. Pullen Investment Management LLC now owns 17,133 shares of the company’s stock valued at $1,581,000 after purchasing an additional 5,438 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Parsons by 1.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 17,205 shares of the company’s stock worth $1,587,000 after purchasing an additional 194 shares during the period. 98.02% of the stock is 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.