Truist Financial Cuts Parsons (NYSE:PSN) Price Target to $70.00

Parsons (NYSE:PSN) had its target price trimmed by Truist Financial from $85.00 to $70.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other analysts have also issued reports on the stock. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. Bank of America dropped their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. Jefferies Financial Group lowered their target price on Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, January 24th. Raymond James downgraded shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Finally, The Goldman Sachs Group lowered their price objective on shares of Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Parsons has an average rating of “Moderate Buy” and a consensus price target of $93.60.

Parsons Stock Up 0.7 %

Shares of NYSE PSN opened at $64.52 on Monday. Parsons has a 52 week low of $54.56 and a 52 week high of $114.68. The stock’s fifty day moving average is $62.24 and its 200 day moving average is $85.40. 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 $6.89 billion, a P/E ratio of 84.90, a PEG ratio of 0.93 and a beta of 0.66.

Parsons announced that its Board of Directors has approved 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 purchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Artisan Partners Limited Partnership raised its stake in Parsons by 271.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock worth $190,932,000 after buying an additional 1,512,812 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Parsons in the fourth quarter worth $63,417,000. Norges Bank bought a new stake in Parsons in the fourth quarter valued at $59,447,000. Freestone Grove Partners LP bought a new stake in Parsons in the 4th quarter valued at about $40,318,000. Finally, FIL Ltd acquired a new position in Parsons during the 4th quarter worth approximately $27,868,000. Institutional investors own 98.02% of the company’s stock.

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.