Brokerages Set Parsons Corporation (NYSE:PSN) Price Target at $64.08

Shares of Parsons Corporation (NYSE:PSN) have received a consensus rating of “Moderate Buy” from the sixteen research firms that are currently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $64.0833.

A number of analysts have recently weighed in on PSN shares. Truist Financial reiterated 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. Zacks Research cut Parsons from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 5th. Stifel Nicolaus dropped their price target on Parsons from $79.00 to $66.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Citigroup cut their price objective on shares of Parsons from $66.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Finally, UBS Group reduced their price objective on shares of Parsons from $67.00 to $58.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th.

Parsons Stock Down 2.6%

Shares of PSN opened at $46.37 on Thursday. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.54. Parsons has a 12 month low of $36.26 and a 12 month high of $89.50. The firm’s 50 day moving average is $50.81 and its 200-day moving average is $53.86. The stock has a market capitalization of $4.95 billion, a PE ratio of 31.98, a P/E/G ratio of 3.60 and a beta of 0.71.

Parsons (NYSE:PSN) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.82). The company had revenue of $1.59 billion during 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%. The company’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 earnings per share. Equities research analysts forecast that Parsons will post 2.29 EPS for the current year.

Insiders Place Their Bets

In other Parsons news, Director George Ball acquired 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was acquired at an average cost of $47.97 per share, for a total transaction of $959,400.00. Following the transaction, the director directly owned 170,383 shares in the company, valued at $8,173,272.51. This represents a 13.30% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 1.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Aster Capital Management DIFC Ltd acquired a new position in Parsons during the fourth quarter worth about $25,000. Danske Bank A S acquired a new stake in shares of Parsons in the 4th quarter valued at approximately $31,000. Los Angeles Capital Management LLC bought a new stake in shares of Parsons during the 4th quarter valued at approximately $32,000. Versant Capital Management Inc grew its holdings in shares of Parsons by 183.6% during the 2nd quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock valued at $29,000 after purchasing an additional 358 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in Parsons by 613.2% during the 4th quarter. Farther Finance Advisors LLC now owns 756 shares of the company’s stock worth $47,000 after purchasing an additional 650 shares in 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.