Bank of America Has Lowered Expectations for Parsons (NYSE:PSN) Stock Price

Parsons (NYSE:PSN) had its price target reduced by investment analysts at Bank of America from $130.00 to $110.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price suggests a potential upside of 85.51% from the stock’s previous close.

PSN has been the subject of a number of other reports. 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 research report on Friday, January 24th. Benchmark reissued a “buy” rating and issued a $90.00 price target on shares of Parsons in a report on Wednesday, February 26th. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. The Goldman Sachs Group dropped their target price on shares of Parsons from $109.00 to $98.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Finally, Raymond James downgraded shares of Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $100.50.

Parsons Price Performance

Shares of Parsons stock opened at $59.30 on Tuesday. The firm has a market cap of $6.33 billion, a PE ratio of 78.02, a P/E/G ratio of 0.93 and a beta of 0.78. Parsons has a twelve month low of $54.56 and a twelve month 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. The business has a 50-day moving average price of $67.87 and a 200 day moving average price of $88.87.

Parsons announced that its board has approved a share buyback plan on Monday, March 24th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to buy up to 3.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PSN. Cerity Partners LLC acquired a new position in Parsons during the third quarter worth $759,000. The Manufacturers Life Insurance Company boosted its position in shares of Parsons by 110.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 54,933 shares of the company’s stock valued at $5,695,000 after acquiring an additional 28,820 shares during the last quarter. FMR LLC grew its holdings in shares of Parsons by 391.4% in the third quarter. FMR LLC now owns 195,850 shares of the company’s stock valued at $20,306,000 after purchasing an additional 155,991 shares during the period. MetLife Investment Management LLC increased its position in Parsons by 2,846.3% during the third quarter. MetLife Investment Management LLC now owns 24,130 shares of the company’s stock worth $2,502,000 after purchasing an additional 23,311 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Parsons by 110.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 254,420 shares of the company’s stock worth $26,378,000 after purchasing an additional 133,310 shares during the last quarter. 98.02% of the stock is currently 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.