Parsons (NYSE:PSN) Cut to “Hold” at Baird R W

Baird R W downgraded shares of Parsons (NYSE:PSN) from a strong-buy rating to a hold rating in a report issued on Thursday,Zacks.com reports.

PSN has been the subject of a number of other reports. Robert W. Baird cut shares of Parsons from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $72.00 to $69.00 in a research note on Thursday. Truist Financial reiterated a “buy” rating and issued a $80.00 price target (up previously from $70.00) on shares of Parsons in a research report on Thursday. Jefferies Financial Group decreased their price objective on Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. KeyCorp decreased their price target on Parsons from $76.00 to $73.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, The Goldman Sachs Group cut their price objective on shares of Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Parsons has an average rating of “Moderate Buy” and an average price target of $93.70.

Parsons Stock Down 1.8 %

Shares of PSN opened at $62.75 on Thursday. The business’s 50 day simple moving average is $61.41 and its 200-day simple moving average is $81.86. Parsons has a 1 year low of $54.56 and a 1 year high of $114.68. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. The stock has a market capitalization of $6.71 billion, a price-to-earnings ratio of 82.57, a price-to-earnings-growth ratio of 0.93 and a beta of 0.57.

Parsons declared that its board has approved a stock repurchase program on Monday, March 24th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 3.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Parsons

Several hedge funds have recently made changes to their positions in the company. CIBC Private Wealth Group LLC purchased a new position in Parsons during the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd bought a new position in Parsons in the fourth quarter worth approximately $25,000. ORG Wealth Partners LLC bought a new position in Parsons in the fourth quarter worth approximately $26,000. Huntington National Bank lifted its holdings in Parsons by 28,900.0% during the fourth quarter. Huntington National Bank now owns 290 shares of the company’s stock worth $27,000 after buying an additional 289 shares during the period. Finally, Versant Capital Management Inc bought a new stake in Parsons during the 1st quarter valued at $27,000. 98.02% of the stock is currently owned by hedge funds and other 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.