Parsons Corporation (NYSE:PSN) Receives Average Rating of “Moderate Buy” from Analysts

Parsons Corporation (NYSE:PSN) has earned a consensus recommendation of “Moderate Buy” from the sixteen analysts that are presently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $83.9231.

Several research analysts have recently commented on PSN shares. Raymond James Financial lowered Parsons from a “strong-buy” rating to a “market perform” rating in a research report on Friday, December 5th. Bank of America cut their target price on Parsons from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, December 30th. Truist Financial reissued a “buy” rating and set a $85.00 price target (down from $90.00) on shares of Parsons in a research report on Thursday. TD Cowen raised shares of Parsons from a “hold” rating to a “buy” rating and cut their price objective for the stock from $90.00 to $75.00 in a research report on Wednesday, December 10th. Finally, KeyCorp reduced their price objective on shares of Parsons from $80.00 to $73.00 and set an “overweight” rating for the company in a research note on Thursday.

Institutional Investors Weigh In On Parsons

Several hedge funds have recently added to or reduced their stakes in PSN. Mather Group LLC. acquired a new stake in Parsons in the 3rd quarter valued at $25,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Parsons in the 3rd quarter valued at about $40,000. True Wealth Design LLC raised its stake in Parsons by 63.9% in the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock valued at $35,000 after buying an additional 189 shares in the last quarter. Danske Bank A S acquired a new position in shares of Parsons in the 4th quarter valued at $31,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Parsons in the 4th quarter valued at about $32,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Stock Up 1.1%

Shares of PSN stock opened at $63.36 on Friday. The company’s fifty day simple moving average is $66.55 and its two-hundred day simple moving average is $76.13. Parsons has a 52 week low of $54.56 and a 52 week high of $89.50. The stock has a market cap of $6.71 billion, a P/E ratio of 28.80, a PEG ratio of 3.55 and a beta of 0.66. The company has a quick ratio of 1.67, a current ratio of 1.75 and a debt-to-equity ratio of 0.45.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, February 11th. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.06). The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.68 billion. Parsons had a net margin of 3.79% and a return on equity of 11.81%. The business’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.78 EPS. Analysts predict that Parsons will post 3.58 EPS for the current fiscal year.

About Parsons

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, construction, technical and professional services firm. The company delivers end-to-end solutions that span feasibility studies, design and engineering, construction management, system integration and ongoing operations support. Parsons serves both government and commercial clients and focuses on critical infrastructure, defense, security, intelligence and environmental programs.

Core services include program and construction management for transportation systems, water and environmental infrastructure, cybersecurity and advanced systems integration.