Parsons (NYSE:PSN) Downgraded by Baird R W to Hold

Baird R W downgraded shares of Parsons (NYSE:PSN) from a strong-buy rating to a hold rating in a research note published on Thursday morning,Zacks.com reports.

PSN has been the subject of a number of other research reports. Bank of America dropped their price objective on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, April 1st. KeyCorp reduced their target price on Parsons from $76.00 to $73.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Raymond James cut Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Benchmark reissued a “buy” rating and set a $90.00 target price on shares of Parsons in a research note on Wednesday, February 26th. Finally, Robert W. Baird downgraded Parsons from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $72.00 to $69.00 in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.70.

Parsons Stock Performance

NYSE PSN opened at $63.83 on Thursday. 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 has a market cap of $6.82 billion, a price-to-earnings ratio of 83.99, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66. Parsons has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The business has a fifty day moving average of $61.36 and a 200-day moving average of $82.36.

Parsons declared that its Board of Directors has initiated a stock buyback plan on Monday, March 24th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Parsons

Several hedge funds and other institutional investors have recently modified their holdings of the company. Norden Group LLC acquired a new position in shares of Parsons during the 4th quarter worth about $499,000. Wolverine Asset Management LLC bought a new stake in Parsons during the fourth quarter worth $577,000. Truist Financial Corp raised its stake in Parsons by 12.5% during the fourth quarter. Truist Financial Corp now owns 45,253 shares of the company’s stock worth $4,175,000 after acquiring an additional 5,032 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Parsons by 15.4% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 86,149 shares of the company’s stock worth $8,052,000 after buying an additional 11,520 shares during the last quarter. Finally, Ieq Capital LLC grew its stake in shares of Parsons by 676.6% in the fourth quarter. Ieq Capital LLC now owns 19,019 shares of the company’s stock worth $1,755,000 after purchasing an additional 16,570 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.

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.