KeyCorp Cuts Parsons (NYSE:PSN) Price Target to $73.00

Parsons (NYSE:PSN) had its price target lowered by KeyCorp from $76.00 to $73.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

PSN has been the topic of a number of other research reports. Raymond James lowered shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Jefferies Financial Group reduced their target price on Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, January 24th. The Goldman Sachs Group lowered their target price on Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Bank of America reduced their price target on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Tuesday, April 1st. Finally, Robert W. Baird lowered their price objective on Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Parsons currently has an average rating of “Moderate Buy” and an average target price of $93.60.

Parsons Price Performance

Shares of Parsons stock opened at $65.03 on Wednesday. The company has a market cap of $6.94 billion, a PE ratio of 85.57, a P/E/G ratio of 0.93 and a beta of 0.66. The business has a 50 day moving average of $61.75 and a 200 day moving average of $84.86. Parsons has a 52 week low of $54.56 and a 52 week high of $114.68. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31.

Parsons announced that its board has approved a share buyback plan on Monday, March 24th that permits the company 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 plans are typically an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Parsons

A number of hedge funds have recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC purchased a new position in shares of Parsons in the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new stake in Parsons in the 4th quarter worth about $25,000. ORG Wealth Partners LLC purchased a new position in Parsons in the 4th quarter worth about $26,000. Huntington National Bank lifted its stake in Parsons by 28,900.0% during the 4th quarter. Huntington National Bank now owns 290 shares of the company’s stock valued at $27,000 after acquiring an additional 289 shares during the period. Finally, Versant Capital Management Inc purchased a new stake in shares of Parsons during the 1st quarter valued at about $27,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

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.