Parsons (NYSE:PSN) Given New $110.00 Price Target at Bank of America

Parsons (NYSE:PSN) had its price objective cut by research analysts at Bank of America from $130.00 to $110.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 85.51% from the company’s current price.

A number of other brokerages also recently commented on PSN. KeyCorp reduced their target price on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. TD Cowen downgraded shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price for the company. in a research note on Friday, February 21st. Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Jefferies Financial Group lowered their price objective on Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, January 24th. Finally, Robert W. Baird reduced their target price on Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Parsons presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.50.

Parsons Stock Down 0.2 %

Parsons stock opened at $59.30 on Tuesday. Parsons has a twelve month low of $54.56 and a twelve month high of $114.68. The business has a fifty day moving average of $67.87 and a two-hundred day moving average of $88.87. The firm has a market cap of $6.33 billion, a P/E ratio of 78.02, a P/E/G ratio of 0.93 and a beta of 0.78. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31.

Parsons announced that its board has authorized a share buyback program on Monday, March 24th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC purchased a new position in shares of Parsons during the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Parsons during the fourth quarter worth about $25,000. ORG Wealth Partners LLC acquired a new stake in Parsons during the fourth quarter worth about $26,000. Huntington National Bank raised its position in Parsons by 28,900.0% during the fourth quarter. Huntington National Bank now owns 290 shares of the company’s stock valued at $27,000 after acquiring an additional 289 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock valued at $29,000 after acquiring an additional 218 shares during the period. 98.02% of the stock is currently owned by institutional investors and hedge funds.

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.