Parsons Corporation (NYSE:PSN) Given Average Rating of “Moderate Buy” by Analysts

Parsons Corporation (NYSE:PSN) has been given a consensus rating of “Moderate Buy” by the fifteen brokerages that are presently covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $75.8182.

A number of research firms have recently weighed in on PSN. Citigroup increased their price objective on Parsons from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 1st. Robert W. Baird reiterated a “neutral” rating and set a $60.00 price target on shares of Parsons in a report on Monday, April 13th. Zacks Research upgraded shares of Parsons from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. BNP Paribas Exane set a $65.00 price target on shares of Parsons and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Truist Financial cut their price target on shares of Parsons from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, April 20th.

Insider Transactions at Parsons

In other Parsons news, CEO Carey A. Smith purchased 12,500 shares of the stock in a transaction on Friday, May 8th. The stock was acquired at an average price of $49.97 per share, with a total value of $624,625.00. Following the transaction, the chief executive officer directly owned 575,376 shares of the company’s stock, valued at approximately $28,751,538.72. This trade represents a 2.22% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Mark Keith Holdsworth purchased 10,000 shares of the stock in a transaction on Tuesday, May 12th. The shares were acquired at an average cost of $51.27 per share, with a total value of $512,700.00. Following the transaction, the director directly owned 39,918 shares in the company, valued at $2,046,595.86. The trade was a 33.42% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 32,500 shares of company stock worth $1,637,325. Company insiders own 1.31% of the company’s stock.

Institutional Investors Weigh In On Parsons

Large investors have recently made changes to their positions in the business. NewEdge Advisors LLC increased its stake in shares of Parsons by 38.0% during the first quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after buying an additional 264 shares during the period. Jones Financial Companies Lllp lifted its stake in Parsons by 433.9% in the first quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company’s stock worth $75,000 after acquiring an additional 1,024 shares during the period. Sivia Capital Partners LLC bought a new stake in Parsons in the second quarter valued at $228,000. Prudential Financial Inc. boosted its holdings in Parsons by 40.9% in the second quarter. Prudential Financial Inc. now owns 5,945 shares of the company’s stock valued at $427,000 after acquiring an additional 1,725 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Parsons by 176.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company’s stock valued at $59,000 after purchasing an additional 528 shares during the period. 98.02% of the stock is currently owned by institutional investors.

Parsons Trading Down 1.4%

NYSE PSN opened at $54.08 on Wednesday. The firm has a market cap of $5.79 billion, a PE ratio of 25.87, a price-to-earnings-growth ratio of 1.73 and a beta of 0.66. Parsons has a 1-year low of $46.88 and a 1-year high of $89.50. The stock has a 50-day moving average of $54.29 and a 200-day moving average of $58.98. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.55.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.09. The business had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.50 billion. Parsons had a return on equity of 11.52% and a net margin of 3.62%.Parsons’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period last year, the company earned $0.60 EPS. As a group, sell-side analysts forecast that Parsons will post 2.97 EPS for the current 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.