Share Repurchase Program Declared by Parsons (NYSE:PSN) Board

Parsons (NYSE:PSN) announced that its Board of Directors has initiated a stock buyback plan on Monday, March 24th, RTT News reports. The company plans to repurchase $250.00 million in shares. This repurchase authorization permits the company to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Jefferies Financial Group decreased their target price on shares of Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, January 24th. KeyCorp decreased their price objective on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. TD Cowen lowered Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price on the stock. in a research report on Friday, February 21st. William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Finally, Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.44.

Parsons Stock Down 0.6 %

Shares of Parsons stock opened at $61.17 on Thursday. 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 business has a 50-day moving average price of $70.00 and a 200 day moving average price of $89.66. Parsons has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The firm has a market cap of $6.53 billion, a P/E ratio of 80.49, a P/E/G ratio of 0.93 and a beta of 0.78.

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.