Parsons’ (PSN) “Buy” Rating Reiterated at Truist Financial

Truist Financial restated their buy rating on shares of Parsons (NYSE:PSN) in a report published on Thursday morning,Benzinga reports. The brokerage currently has a $80.00 price target on the stock, up from their previous price target of $70.00.

Several other equities research analysts have also recently issued reports on the stock. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. KeyCorp lowered their price objective on shares of Parsons from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. The Goldman Sachs Group reduced 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. Bank of America dropped their price target on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, April 1st. Finally, Robert W. Baird lowered Parsons from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $72.00 to $69.00 in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.70.

Parsons Stock Performance

Parsons stock opened at $62.75 on Thursday. The stock has a fifty day moving average price of $61.41 and a 200 day moving average price of $81.86. 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 52 week low of $54.56 and a 52 week high of $114.68. The firm has a market capitalization of $6.71 billion, a P/E ratio of 82.57, a PEG ratio of 0.93 and a beta of 0.57.

Parsons declared that its board has approved a stock buyback plan on Monday, March 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Parsons

Several hedge funds have recently made changes to their positions in PSN. First Command Advisory Services Inc. bought a new stake in Parsons in the first quarter valued at $385,000. Signaturefd LLC lifted its position in Parsons by 63.1% in the 1st quarter. Signaturefd LLC now owns 610 shares of the company’s stock valued at $36,000 after purchasing an additional 236 shares during the last quarter. Edgestream Partners L.P. boosted its stake in Parsons by 322.0% during the 1st quarter. Edgestream Partners L.P. now owns 53,706 shares of the company’s stock valued at $3,180,000 after purchasing an additional 40,980 shares during the period. Private Capital Advisors Inc. bought a new position in Parsons in the 1st quarter worth about $211,000. Finally, CWM LLC increased its stake in shares of Parsons by 2.1% in the first quarter. CWM LLC now owns 7,810 shares of the company’s stock valued at $462,000 after purchasing an additional 163 shares during the period. Institutional investors 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.