Parsons’ (PSN) “Buy” Rating Reiterated at Truist Financial

Truist Financial reaffirmed their buy rating on shares of Parsons (NYSE:PSN) in a research report released on Thursday morning,Benzinga reports. They currently have a $85.00 target price on the stock, down from their prior target price of $90.00.

Several other analysts have also recently weighed in on PSN. KeyCorp dropped their price target on Parsons from $80.00 to $73.00 and set an “overweight” rating for the company in a report on Thursday. Jefferies Financial Group reiterated a “hold” rating on shares of Parsons in a research report on Thursday, January 15th. TD Cowen raised shares of Parsons from a “hold” rating to a “buy” rating and reduced their target price for the company from $90.00 to $75.00 in a research report on Wednesday, December 10th. Bank of America decreased their price target on shares of Parsons from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, December 30th. Finally, Stifel Nicolaus dropped their price objective on shares of Parsons from $94.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, December 23rd. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Parsons has a consensus rating of “Moderate Buy” and an average target price of $83.92.

Parsons Price Performance

Shares of PSN opened at $63.36 on Thursday. The company’s 50-day moving average is $66.55 and its 200-day moving average is $76.13. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.75 and a quick ratio of 1.67. The firm has a market capitalization of $6.71 billion, a PE ratio of 28.80, a PEG ratio of 3.55 and a beta of 0.66. Parsons has a fifty-two week low of $54.56 and a fifty-two week high of $89.50.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.06). The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.68 billion. Parsons had a net margin of 3.79% and a return on equity of 11.81%. The firm’s quarterly revenue was down 7.5% on a year-over-year basis. During the same quarter last year, the company posted $0.78 EPS. Equities analysts forecast that Parsons will post 3.58 EPS for the current year.

Institutional Investors Weigh In On Parsons

Institutional investors and hedge funds have recently bought and sold shares of the company. Mather Group LLC. acquired a new position in shares of Parsons in the 3rd quarter valued at approximately $25,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Parsons during the 3rd quarter worth approximately $40,000. True Wealth Design LLC increased 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 acquiring an additional 189 shares during the last quarter. Danske Bank A S acquired a new position in Parsons during the fourth quarter valued at approximately $31,000. Finally, Los Angeles Capital Management LLC bought a new stake in Parsons during the fourth quarter worth $32,000. Institutional investors own 98.02% of the company’s stock.

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.