Share Repurchase Program Declared by Parsons (NYSE:PSN) Board

Parsons (NYSE:PSN) announced that its Board of Directors has initiated a share buyback program on Monday, March 24th, RTT News reports. The company plans to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PSN. Robert W. Baird cut their price target on Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. 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 target on Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a report on Friday, January 24th. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Finally, The Goldman Sachs Group lowered their target price 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. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.44.

Parsons Stock Down 0.6 %

Shares of NYSE:PSN opened at $61.17 on Thursday. Parsons has a 1 year low of $54.56 and a 1 year high of $114.68. The stock has a 50-day simple moving average of $70.00 and a 200-day simple moving average of $89.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The stock has a market capitalization of $6.53 billion, a P/E ratio of 80.49, a PEG ratio of 0.93 and a beta of 0.78.

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.