Parsons Corporation (NYSE:PSN) Receives $64.33 Average PT from Analysts

Parsons Corporation (NYSE:PSN) has earned an average recommendation of “Moderate Buy” from the sixteen research firms that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $64.3333.

PSN has been the topic of several research reports. Citigroup reduced their price objective on Parsons from $66.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Truist Financial restated a “buy” rating and set a $60.00 target price (down from $75.00) on shares of Parsons in a research report on Thursday, July 30th. The Goldman Sachs Group cut their price target on Parsons from $69.00 to $60.00 and set a “neutral” rating on the stock in a research note on Monday, August 3rd. Weiss Ratings cut Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Finally, BNP Paribas Exane set a $65.00 price target on shares of Parsons and gave the stock an “outperform” rating in a research report on Wednesday, May 27th.

Parsons Stock Down 1.5%

Shares of NYSE PSN opened at $47.56 on Friday. Parsons has a 12-month low of $36.26 and a 12-month high of $89.50. The firm’s 50-day simple moving average is $53.13 and its 200 day simple moving average is $56.50. The company has a market cap of $5.08 billion, a price-to-earnings ratio of 32.80, a price-to-earnings-growth ratio of 3.66 and a beta of 0.68. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.54.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.76 by ($0.82). The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.61 billion. Parsons had a net margin of 2.50% and a return on equity of 8.10%. Parsons’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period last year, the company earned $0.78 earnings per share. On average, research analysts expect that Parsons will post 2.29 earnings per share for the current fiscal year.

Insider Activity

In related news, Director George L. Ball purchased 20,000 shares of the stock in a transaction dated Friday, August 7th. The stock was bought at an average cost of $47.97 per share, with a total value of $959,400.00. Following the purchase, the director directly owned 170,383 shares in the company, valued at $8,173,272.51. The trade was a 13.30% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders own 1.31% of the company’s stock.

Institutional Trading of Parsons

Large investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio increased its stake in Parsons by 0.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 17,029 shares of the company’s stock worth $1,412,000 after purchasing an additional 144 shares in the last quarter. Kennedy Capital Management LLC lifted its stake in Parsons by 0.4% in the 4th quarter. Kennedy Capital Management LLC now owns 47,680 shares of the company’s stock valued at $2,947,000 after acquiring an additional 194 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Parsons by 38.0% in the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after acquiring an additional 264 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in Parsons by 2.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,900 shares of the company’s stock worth $590,000 after acquiring an additional 300 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in Parsons by 183.6% during the 2nd quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock worth $29,000 after acquiring an additional 358 shares during the last quarter. 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.