Jefferies Financial Group Reiterates “Hold” Rating for Parsons (NYSE:PSN)

Jefferies Financial Group reissued their hold rating on shares of Parsons (NYSE:PSN) in a research report sent to investors on Monday, Marketbeat Ratings reports. Jefferies Financial Group currently has a $65.00 price target on the stock, down from their prior price target of $75.00.

A number of other analysts have also weighed in on the stock. Bank of America lowered their price target on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Benchmark reaffirmed a “buy” rating and set a $90.00 price target on shares of Parsons in a research note on Wednesday, February 26th. The Goldman Sachs Group lowered their price objective on Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Truist Financial reissued a “buy” rating and set a $80.00 price objective (up from $70.00) on shares of Parsons in a report on Thursday, May 1st. Finally, KeyCorp reduced their target price on shares of Parsons from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Parsons presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.20.

Parsons Stock Down 2.8 %

Shares of NYSE:PSN opened at $61.05 on Monday. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The firm has a market cap of $6.52 billion, a P/E ratio of 80.33, a P/E/G ratio of 0.93 and a beta of 0.57. Parsons has a 12 month low of $54.56 and a 12 month high of $114.68. The company’s 50-day moving average price is $61.45 and its two-hundred day moving average price is $81.35.

Parsons declared that its Board of Directors has authorized a share 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 repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Parsons

A number of large investors have recently made changes to their positions in PSN. Tidal Investments LLC raised its position in shares of Parsons by 140.9% during the third quarter. Tidal Investments LLC now owns 7,214 shares of the company’s stock worth $748,000 after purchasing an additional 4,220 shares during the period. Franklin Resources Inc. increased its stake in Parsons by 11.8% during the 3rd quarter. Franklin Resources Inc. now owns 601,071 shares of the company’s stock worth $64,813,000 after purchasing an additional 63,657 shares in the last quarter. Retirement Systems of Alabama acquired a new stake in Parsons during the 3rd quarter worth approximately $5,884,000. Principal Financial Group Inc. boosted its holdings in shares of Parsons by 18.1% in the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after buying an additional 183,117 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Parsons by 224.7% during the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock worth $29,000 after acquiring an additional 218 shares in the last quarter. 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.