Truist Financial Cuts Parsons (NYSE:PSN) Price Target to $90.00

Parsons (NYSE:PSN) had its price objective cut by Truist Financial from $100.00 to $90.00 in a report published on Friday morning, Marketbeat Ratings reports. They currently have a buy rating on the stock.

Other analysts also recently issued research reports about the company. Baird R W upgraded Parsons from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Thursday, November 20th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Parsons in a research note on Wednesday, October 8th. KeyCorp lifted their target price on shares of Parsons from $87.00 to $93.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Finally, Zacks Research upgraded shares of Parsons from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Parsons presently has a consensus rating of “Moderate Buy” and an average target price of $91.91.

Parsons Stock Performance

Parsons stock opened at $66.66 on Friday. Parsons has a fifty-two week low of $54.56 and a fifty-two week high of $99.53. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.67 and a current ratio of 1.67. The stock has a market cap of $7.10 billion, a P/E ratio of 30.58, a price-to-earnings-growth ratio of 3.45 and a beta of 0.65. The firm’s fifty day moving average price is $83.83 and its 200-day moving average price is $77.76.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, November 5th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.12. Parsons had a net margin of 3.69% and a return on equity of 11.98%. The company had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same period in the previous year, the business earned $0.95 earnings per share. The firm’s quarterly revenue was down 10.4% compared to the same quarter last year. On average, equities research analysts expect that Parsons will post 3.58 earnings per share for the current fiscal year.

Institutional Trading of Parsons

Institutional investors have recently modified their holdings of the company. IFP Advisors Inc grew its stake in shares of Parsons by 39.5% in the third quarter. IFP Advisors Inc now owns 1,032 shares of the company’s stock worth $91,000 after purchasing an additional 292 shares during the last quarter. Captrust Financial Advisors lifted its holdings in Parsons by 10.7% in the 3rd quarter. Captrust Financial Advisors now owns 18,902 shares of the company’s stock worth $1,567,000 after buying an additional 1,828 shares during the period. CANADA LIFE ASSURANCE Co grew its position in shares of Parsons by 16.9% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 31,416 shares of the company’s stock worth $2,574,000 after buying an additional 4,540 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in shares of Parsons during the third quarter valued at approximately $1,309,000. Finally, Alyeska Investment Group L.P. purchased a new position in shares of Parsons during the third quarter valued at approximately $38,880,000. 98.02% of the stock is currently owned by hedge funds and other 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.