Parsons (NYSE:PSN) to Buyback $250.00 million in Shares

Parsons (NYSE:PSN) announced that its board has approved a stock buyback program on Monday, March 24th, RTT News reports. The company plans to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. TD Cowen cut shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price for the company. in a report on Friday, February 21st. 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 shares of Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Finally, Robert W. Baird cut their target price on Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.44.

Parsons Stock Up 2.4 %

Parsons stock opened at $60.47 on Tuesday. Parsons has a one year low of $54.56 and a one year high of $114.68. The stock has a fifty day moving average of $71.34 and a 200 day moving average of $90.08. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The stock has a market cap of $6.46 billion, a PE ratio of 79.56, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78.

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.