Parsons (NYSE:PSN - Get Free Report) announced that its Board of Directors has approved a share repurchase program on Monday, March 24th, RTT News reports. The company plans 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 usually a sign that the company's leadership believes its stock is undervalued.
Parsons Stock Down 1.2 %
Shares of PSN stock traded down $0.73 during trading hours on Friday, hitting $59.82. 130,016 shares of the company's stock traded hands, compared to its average volume of 1,512,373. 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 stock's fifty day simple moving average is $69.31 and its two-hundred day simple moving average is $89.46. Parsons has a 12-month low of $54.56 and a 12-month high of $114.68. The stock has a market cap of $6.39 billion, a price-to-earnings ratio of 78.72, a PEG ratio of 0.93 and a beta of 0.78.
Analysts Set New Price Targets
Several research analysts have commented on PSN shares. The Goldman Sachs Group decreased their price objective on shares of Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Raymond James cut shares of 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 shares of Parsons from $110.00 to $100.00 and set a "buy" rating for the company in a report on Friday, January 24th. KeyCorp cut their price objective on Parsons from $122.00 to $102.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Finally, Robert W. Baird decreased their target price on Parsons from $125.00 to $78.00 and set an "outperform" rating for the company in a research report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Parsons has a consensus rating of "Moderate Buy" and an average price target of $99.44.
Check Out Our Latest Analysis on PSN
About Parsons
(
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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.
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