Parsons Corp (NYSE:PSN) Sees Significant Decline in Short Interest

Parsons Corp (NYSE:PSN) was the recipient of a large decline in short interest in December. As of December 31st, there was short interest totalling 605,500 shares, a decline of 18.3% from the December 15th total of 741,500 shares. Based on an average daily volume of 258,700 shares, the short-interest ratio is presently 2.3 days. Approximately 0.6% of the company’s shares are short sold.

NYSE:PSN traded down $0.39 during mid-day trading on Tuesday, hitting $42.60. 96,726 shares of the company’s stock were exchanged, compared to its average volume of 227,370. Parsons has a one year low of $29.03 and a one year high of $43.85. The business has a fifty day moving average price of $41.36 and a 200 day moving average price of $37.02.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.42 by $0.15. Parsons had a net margin of 2.97% and a negative return on equity of 11.53%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm posted $0.82 earnings per share. Parsons’s quarterly revenue was up 4.8% on a year-over-year basis. On average, equities research analysts expect that Parsons will post 1.61 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of PSN. Russell Investments Group Ltd. bought a new stake in Parsons during the second quarter worth about $2,527,000. Bank of Montreal Can bought a new stake in Parsons during the second quarter worth about $57,000. Charles Schwab Investment Management Inc. bought a new stake in Parsons during the second quarter worth about $4,071,000. Bank of New York Mellon Corp bought a new stake in Parsons during the second quarter worth about $2,729,000. Finally, Northern Trust Corp bought a new stake in Parsons during the second quarter worth about $3,449,000.

A number of brokerages have recently weighed in on PSN. SunTrust Banks lifted their target price on shares of Parsons to $44.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Zacks Investment Research raised shares of Parsons from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research note on Tuesday, November 19th. ValuEngine lowered shares of Parsons from a “buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Stifel Nicolaus began coverage on shares of Parsons in a research note on Tuesday, December 10th. They set a “hold” rating and a $44.00 target price on the stock. Finally, Wells Fargo & Co lowered shares of Parsons from an “equal weight” rating to an “underweight” rating and boosted their price objective for the stock from $39.00 to $42.00 in a research note on Thursday, January 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. Parsons presently has a consensus rating of “Hold” and an average price target of $41.38.

Parsons Company Profile

Parsons Corporation provides technology based solutions in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. It operates in two segments, Federal Solutions and Critical Infrastructure. The company offers cybersecurity software and engineering services, hardware prototyping, and other technical services to the U.S.

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