Parsons (NYSE:PSN) Trading 6.3% Higher – Should You Buy?

Shares of Parsons Co. (NYSE:PSN) were up 6.3% on Wednesday . The company traded as high as $64.23 and last traded at $63.34. Approximately 1,725,632 shares were traded during trading, an increase of 67% from the average daily volume of 1,034,517 shares. The stock had previously closed at $59.56.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Benchmark reissued a “buy” rating and issued a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. Jefferies Financial Group dropped their price target on shares of Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, January 24th. TD Cowen cut shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price for the company. in a report on Friday, February 21st. KeyCorp cut their price target on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Finally, Raymond James lowered shares of Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $100.50.

Parsons Stock Performance

The business has a 50-day moving average of $66.02 and a 200 day moving average of $88.23. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. The company has a market cap of $6.29 billion, a PE ratio of 77.54, a PEG ratio of 0.93 and a beta of 0.66.

Parsons declared that its board has authorized a stock buyback program on Monday, March 24th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Parsons

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