Bank of America Has Lowered Expectations for Parsons (NYSE:PSN) Stock Price

Parsons (NYSE:PSN) had its price objective reduced by stock analysts at Bank of America from $100.00 to $95.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 50.06% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Truist Financial reiterated a “buy” rating and issued a $80.00 target price (up from $70.00) on shares of Parsons in a research note on Thursday, May 1st. Robert W. Baird cut shares of Parsons from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $72.00 to $69.00 in a research note on Thursday, May 1st. Benchmark reissued a “buy” rating and set a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. Jefferies Financial Group restated a “hold” rating and set a $65.00 target price (down from $75.00) on shares of Parsons in a research report on Monday, May 5th. Finally, The Goldman Sachs Group lowered their price target on shares of Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $88.70.

Parsons Price Performance

Shares of PSN opened at $63.31 on Tuesday. Parsons has a twelve month low of $54.56 and a twelve month high of $114.68. The company has a 50 day moving average of $64.34 and a two-hundred day moving average of $75.51. 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 company has a market cap of $6.77 billion, a price-to-earnings ratio of 83.30, a price-to-earnings-growth ratio of 0.93 and a beta of 0.57.

Parsons announced that its Board of Directors has initiated a stock buyback plan on Monday, March 24th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Norden Group LLC acquired a new stake in shares of Parsons in the fourth quarter valued at about $499,000. Wolverine Asset Management LLC purchased a new stake in Parsons during the 4th quarter valued at about $577,000. Truist Financial Corp raised its holdings in Parsons by 12.5% in the 4th quarter. Truist Financial Corp now owns 45,253 shares of the company’s stock valued at $4,175,000 after acquiring an additional 5,032 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich lifted its stake in Parsons by 15.4% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 86,149 shares of the company’s stock worth $8,052,000 after purchasing an additional 11,520 shares in the last quarter. Finally, Ieq Capital LLC boosted its holdings in shares of Parsons by 676.6% during the 4th 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. 98.02% of the stock is owned by institutional investors and hedge funds.

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.