Parsons Co. (NYSE:PSN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Parsons Co. (NYSE:PSN) has earned a consensus rating of “Moderate Buy” from the twelve analysts that are currently covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $90.20.

Several brokerages have commented on PSN. KeyCorp dropped their target price on shares of Parsons from $76.00 to $73.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. Truist Financial reiterated a “buy” rating and set a $80.00 target price (up previously from $70.00) on shares of Parsons in a research report on Thursday, May 1st. 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. Finally, The Goldman Sachs Group dropped their target price 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.

Institutional Investors Weigh In On Parsons

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Parsons by 8.2% during the 1st quarter. Vanguard Group Inc. now owns 4,952,299 shares of the company’s stock worth $293,226,000 after buying an additional 376,764 shares during the period. Groupama Asset Managment acquired a new stake in Parsons during the 1st quarter worth approximately $136,183,000. Artisan Partners Limited Partnership boosted its position in Parsons by 271.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock worth $190,932,000 after buying an additional 1,512,812 shares during the period. Invesco Ltd. boosted its position in Parsons by 14.2% during the 4th quarter. Invesco Ltd. now owns 2,056,390 shares of the company’s stock worth $189,702,000 after buying an additional 255,810 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Parsons by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,189,811 shares of the company’s stock worth $109,762,000 after buying an additional 26,230 shares during the period. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Down 0.2%

NYSE:PSN opened at $68.28 on Friday. The stock’s fifty day moving average price is $63.22 and its two-hundred day moving average price is $78.42. Parsons has a 52-week low of $54.56 and a 52-week high of $114.68. 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 company has a market cap of $7.30 billion, a price-to-earnings ratio of 89.84, a P/E/G ratio of 0.93 and a beta of 0.57.

Parsons announced that its board has authorized a share repurchase plan on Monday, March 24th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase 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 stock is undervalued.

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.