Parsons (NYSE:PSN) Trading 6.3% Higher – Here’s Why

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

Analyst Ratings Changes

PSN has been the topic of several research analyst reports. TD Cowen downgraded 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. Raymond James cut Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Jefferies Financial Group dropped their price target on Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, January 24th. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. Finally, KeyCorp dropped their target price 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. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $100.50.

Parsons Stock Performance

The business’s fifty day moving average is $66.02 and its two-hundred day moving average is $88.23. The stock has a market capitalization of $6.29 billion, a PE ratio of 77.54, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66. 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 authorized a share repurchase program on Monday, March 24th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Parsons

Several hedge funds have recently made changes to their positions in PSN. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Parsons by 0.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 14,207 shares of the company’s stock worth $1,311,000 after acquiring an additional 131 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of Parsons by 7.3% in the 4th quarter. ProShare Advisors LLC now owns 2,185 shares of the company’s stock worth $202,000 after purchasing an additional 149 shares during the period. CIBC Asset Management Inc increased its position in shares of Parsons by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,287 shares of the company’s stock valued at $303,000 after purchasing an additional 163 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in Parsons by 0.6% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 32,126 shares of the company’s stock valued at $2,964,000 after buying an additional 191 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its position in Parsons by 1.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 17,205 shares of the company’s stock worth $1,587,000 after buying an additional 194 shares during the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

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.