KeyCorp Issues Pessimistic Forecast for Parsons (NYSE:PSN) Stock Price

Parsons (NYSE:PSN) had its price target reduced by equities researchers at KeyCorp from $76.00 to $73.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price target would suggest a potential upside of 12.25% from the stock’s previous close.

Several other analysts have also issued reports on the company. Jefferies Financial Group cut their price objective on Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a report on Friday, January 24th. William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. Bank of America lowered their price target on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, April 1st. TD Cowen lowered shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 price objective on the stock. in a research report on Friday, February 21st. Finally, Raymond James lowered shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $93.60.

Parsons Stock Performance

Shares of PSN opened at $65.03 on Wednesday. Parsons has a 52 week low of $54.56 and a 52 week high of $114.68. 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 company has a market capitalization of $6.94 billion, a PE ratio of 85.57, a PEG ratio of 0.93 and a beta of 0.66. The company’s 50 day moving average price is $61.98 and its 200 day moving average price is $85.13.

Parsons declared that its board has authorized a share buyback program on Monday, March 24th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Parsons

Several hedge funds and other institutional investors have recently made changes to their positions in PSN. CIBC Private Wealth Group LLC bought a new stake in Parsons during the 4th quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Parsons during the fourth quarter worth approximately $25,000. ORG Wealth Partners LLC acquired a new stake in shares of Parsons in the fourth quarter worth $26,000. Huntington National Bank increased its position in Parsons by 28,900.0% during the fourth 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 acquired a new position in Parsons during the 1st quarter valued at $27,000. 98.02% of the stock is owned by institutional investors and hedge funds.

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.