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

Shares of Parsons Corporation (NYSE:PSN) have been given a consensus rating of “Moderate Buy” by the fifteen research firms that are covering the stock, Marketbeat reports. Six analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $76.9167.

Several research firms have issued reports on PSN. Truist Financial decreased their price target on shares of Parsons from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. BNP Paribas Exane set a $65.00 price objective on shares of Parsons and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Robert W. Baird reiterated a “neutral” rating and set a $60.00 price objective on shares of Parsons in a research report on Monday, April 13th. Zacks Research upgraded shares of Parsons from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Finally, Barclays lowered their price objective on shares of Parsons from $78.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st.

Parsons Trading Up 0.0%

Parsons stock opened at $52.23 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.75 and a current ratio of 1.75. The firm has a market cap of $5.59 billion, a price-to-earnings ratio of 24.99, a price-to-earnings-growth ratio of 1.66 and a beta of 0.64. Parsons has a 1 year low of $48.23 and a 1 year high of $89.50. The firm’s 50 day moving average price is $54.50 and its two-hundred day moving average price is $60.75.

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 firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.50 billion. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.60 earnings per share. On average, research analysts predict that Parsons will post 2.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director George L. Ball acquired 10,000 shares of the stock in a transaction on Wednesday, May 13th. The shares were purchased at an average cost of $50.00 per share, for a total transaction of $500,000.00. Following the transaction, the director owned 150,383 shares in the company, valued at approximately $7,519,150. This trade represents a 7.12% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Carey A. Smith acquired 12,500 shares of the stock in a transaction on Friday, May 8th. The shares were purchased at an average price of $49.97 per share, for a total transaction of $624,625.00. Following the completion of the transaction, the chief executive officer owned 575,376 shares in the company, valued at approximately $28,751,538.72. This represents a 2.22% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have bought 32,500 shares of company stock worth $1,637,325. Corporate insiders own 1.31% of the company’s stock.

Hedge Funds Weigh In On Parsons

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSN. Swedbank AB grew its position in Parsons by 126.8% during the 1st quarter. Swedbank AB now owns 2,387,643 shares of the company’s stock worth $129,339,000 after purchasing an additional 1,335,102 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Parsons by 151.5% during the 2nd quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock valued at $75,173,000 after buying an additional 639,481 shares during the period. Brown Advisory Inc. boosted its stake in shares of Parsons by 142.1% during the 4th quarter. Brown Advisory Inc. now owns 833,322 shares of the company’s stock valued at $51,499,000 after buying an additional 489,187 shares during the period. Alyeska Investment Group L.P. acquired a new stake in shares of Parsons during the 3rd quarter valued at $38,880,000. Finally, Cooper Creek Partners Management LLC boosted its stake in shares of Parsons by 1,248.6% during the 1st quarter. Cooper Creek Partners Management LLC now owns 505,128 shares of the company’s stock valued at $27,363,000 after buying an additional 467,672 shares during the period. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

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.