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

Parsons (NYSE:PSN - Free Report) had its price target decreased by Bank of America from $130.00 to $110.00 in a research report report published on Tuesday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the company. Benchmark reaffirmed a "buy" rating and set a $90.00 target price on shares of Parsons in a research report on Wednesday, February 26th. KeyCorp decreased their price target on Parsons from $122.00 to $102.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Robert W. Baird dropped their price target on Parsons from $125.00 to $78.00 and set an "outperform" rating on the stock in a report on Thursday, February 20th. Jefferies Financial Group reduced their price objective on Parsons from $110.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, January 24th. Finally, William Blair upgraded Parsons from a "market perform" rating to an "outperform" rating in a research note on Tuesday, February 18th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $100.50.

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Parsons Stock Up 6.3 %

PSN stock traded up $3.75 during midday trading on Tuesday, reaching $63.31. 2,804,748 shares of the company's stock traded hands, compared to its average volume of 1,039,749. 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's fifty day moving average price is $66.51 and its 200-day moving average price is $88.42. The company has a market cap of $6.76 billion, a price-to-earnings ratio of 83.30, a P/E/G ratio of 0.93 and a beta of 0.78. Parsons has a 52 week low of $54.56 and a 52 week high of $114.68.

Parsons announced that its Board of Directors has authorized a stock repurchase program on Monday, March 24th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its stock is undervalued.

Institutional Investors Weigh In On Parsons

Several institutional investors have recently added to or reduced their stakes in PSN. CIBC Private Wealth Group LLC purchased a new position in shares of Parsons in the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new position in Parsons in the 4th quarter worth approximately $25,000. ORG Wealth Partners LLC purchased a new position in Parsons in the 4th quarter valued at approximately $26,000. Huntington National Bank grew its stake in Parsons by 28,900.0% in the 4th quarter. Huntington National Bank now owns 290 shares of the company's stock valued at $27,000 after buying an additional 289 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Parsons by 224.7% during the 4th 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 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.