Parsons (NYSE:PSN) Given New $73.00 Price Target at KeyCorp

Parsons (NYSE:PSN - Free Report) had its price target trimmed by KeyCorp from $76.00 to $73.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts have also recently issued research reports about the company. Truist Financial dropped their price objective on Parsons from $85.00 to $70.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. TD Cowen lowered Parsons from a "buy" rating to a "hold" rating and set a $105.00 price target on the stock. in a research note on Friday, February 21st. The Goldman Sachs Group lowered their price objective on shares of Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Robert W. Baird lowered their price target on shares of Parsons from $125.00 to $78.00 and set an "outperform" rating for the company in a research report on Thursday, February 20th. Finally, Benchmark reissued a "buy" rating and set a $90.00 price objective on shares of Parsons in a report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $93.60.

Parsons Trading Up 0.8 %

Shares of NYSE PSN traded up $0.50 during mid-day trading on Wednesday, reaching $65.03. The company had a trading volume of 1,255,617 shares, compared to its average volume of 1,073,060. Parsons has a 52 week low of $54.56 and a 52 week high of $114.68. The business's 50-day moving average is $61.75 and its 200-day moving average is $84.86. The stock has a market cap of $6.94 billion, a price-to-earnings ratio of 85.57, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66. 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 announced that its board has authorized a share buyback program on Monday, March 24th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to buy up to 3.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in shares of Parsons by 14.0% during the third quarter. Geode Capital Management LLC now owns 772,808 shares of the company's stock worth $80,146,000 after acquiring an additional 95,040 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new position in Parsons during the 3rd quarter valued at approximately $850,000. Tidal Investments LLC raised its holdings in shares of Parsons by 140.9% in the third quarter. Tidal Investments LLC now owns 7,214 shares of the company's stock worth $748,000 after buying an additional 4,220 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Parsons by 11.8% during the third quarter. Franklin Resources Inc. now owns 601,071 shares of the company's stock valued at $64,813,000 after buying an additional 63,657 shares during the last quarter. Finally, Retirement Systems of Alabama acquired a new stake in Parsons during the 3rd quarter worth about $5,884,000. 98.02% of the stock is owned by institutional investors and hedge funds.

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.