Parsons Corporation (NYSE:PSN) Receives $64.33 Average Target Price from Brokerages

by · The Cerbat Gem

Shares of Parsons Corporation (NYSE:PSN – Get Free Report) have been assigned an average rating of “Moderate Buy” from the sixteen ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $64.3333.

Several analysts have commented on the stock. KeyCorp cut shares of Parsons from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 14th. Zacks Research lowered Parsons from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 5th. Barclays decreased their price objective on Parsons from $70.00 to $60.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. TD Cowen reaffirmed a “buy” rating on shares of Parsons in a research report on Wednesday, July 29th. Finally, Citigroup dropped their target price on Parsons from $66.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, July 30th.

Check Out Our Latest Analysis on Parsons

Insider Transactions at Parsons

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PSN. Aster Capital Management DIFC Ltd purchased a new stake in Parsons in the fourth quarter valued at approximately $25,000. Danske Bank A S purchased a new position in Parsons during the fourth quarter worth approximately $31,000. Los Angeles Capital Management LLC purchased a new position in Parsons during the fourth quarter worth approximately $32,000. Versant Capital Management Inc raised its stake in Parsons by 183.6% during the second quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock worth $29,000 after purchasing an additional 358 shares during the period. Finally, ST Germain D J Co. Inc. acquired a new position in shares of Parsons in the 4th quarter valued at $41,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Price Performance

Parsons stock opened at $48.32 on Friday. The stock has a market capitalization of $5.16 billion, a P/E ratio of 33.32, a P/E/G ratio of 3.49 and a beta of 0.68. Parsons has a 12-month low of $36.26 and a 12-month high of $89.50. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.66 and a quick ratio of 1.66. The firm’s 50-day moving average is $53.63 and its two-hundred day moving average is $56.85.

Parsons (NYSE:PSN – Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.61 billion. Parsons had a net margin of 2.50% and a return on equity of 8.10%. The business’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.78 EPS. Equities analysts predict that Parsons will post 2.29 earnings per share for the current year.

About Parsons

(Get Free Report)

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.

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