Parsons (NYSE:PSN) Price Target Lowered to $110.00 at Bank of America

Parsons (NYSE:PSN) had its price target cut by Bank of America from $130.00 to $110.00 in a research report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. 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 research report on Friday, February 21st. Benchmark reissued a “buy” rating and issued a $90.00 price objective on shares of Parsons in a report on Wednesday, February 26th. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. The Goldman Sachs Group dropped their price target on shares of Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Finally, Jefferies Financial Group reduced their price target on Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Parsons currently has an average rating of “Moderate Buy” and a consensus price target of $100.50.

Parsons Price Performance

Shares of NYSE PSN opened at $59.52 on Tuesday. The firm has a market cap of $6.36 billion, a P/E ratio of 78.32, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78. The business’s 50 day moving average is $67.14 and its 200-day moving average is $88.59. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31. Parsons has a 1-year low of $54.56 and a 1-year high of $114.68.

Parsons announced that its Board of Directors has authorized a share buyback 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Parsons

A number of institutional investors have recently modified their holdings of PSN. Cerity Partners LLC bought a new position in Parsons in the third quarter valued at about $759,000. The Manufacturers Life Insurance Company boosted its stake in shares of Parsons by 110.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 54,933 shares of the company’s stock valued at $5,695,000 after purchasing an additional 28,820 shares in the last quarter. FMR LLC grew its holdings in shares of Parsons by 391.4% during the 3rd quarter. FMR LLC now owns 195,850 shares of the company’s stock valued at $20,306,000 after purchasing an additional 155,991 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Parsons by 2,846.3% during the 3rd quarter. MetLife Investment Management LLC now owns 24,130 shares of the company’s stock valued at $2,502,000 after purchasing an additional 23,311 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Parsons by 110.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 254,420 shares of the company’s stock worth $26,378,000 after purchasing an additional 133,310 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.

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.