Parsons Co. (NYSE:PSN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Parsons Co. (NYSE:PSN) has been given a consensus recommendation of “Moderate Buy” by the twelve research firms that are presently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $90.20.

PSN has been the subject of a number of research analyst reports. KeyCorp lowered their price target on Parsons from $76.00 to $73.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Baird R W downgraded Parsons from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 1st. Robert W. Baird downgraded Parsons from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $72.00 to $69.00 in a report on Thursday, May 1st. Truist Financial reiterated a “buy” rating and issued a $80.00 price target (up from $70.00) on shares of Parsons in a report on Thursday, May 1st. Finally, William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th.

Parsons Price Performance

PSN opened at $68.28 on Friday. Parsons has a 1 year low of $54.56 and a 1 year high of $114.68. The company’s 50 day simple moving average is $63.22 and its 200 day simple moving average is $78.42. The stock has a market capitalization of $7.30 billion, a PE ratio of 89.84, a P/E/G ratio of 0.93 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29.

Parsons announced that its board has authorized a share repurchase program on Monday, March 24th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Parsons

A number of institutional investors have recently added to or reduced their stakes in PSN. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Parsons by 12.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,442 shares of the company’s stock worth $594,000 after acquiring an additional 735 shares in the last quarter. Burney Co. boosted its holdings in shares of Parsons by 2.1% in the 4th quarter. Burney Co. now owns 25,352 shares of the company’s stock worth $2,339,000 after acquiring an additional 530 shares in the last quarter. Certified Advisory Corp boosted its holdings in shares of Parsons by 8.4% in the 4th quarter. Certified Advisory Corp now owns 6,228 shares of the company’s stock worth $575,000 after acquiring an additional 485 shares in the last quarter. Wedge Capital Management L L P NC boosted its holdings in shares of Parsons by 12.8% in the 4th quarter. Wedge Capital Management L L P NC now owns 680,311 shares of the company’s stock worth $62,759,000 after acquiring an additional 77,358 shares in the last quarter. Finally, Merit Financial Group LLC acquired a new position in shares of Parsons in the 4th quarter worth approximately $566,000. 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.