Parsons (NYSE:PSN) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of Parsons (NYSE:PSN) from a strong sell rating to a hold rating in a research report report published on Monday morning,Zacks reports.

PSN has been the topic of several other reports. Barclays cut their price target on shares of Parsons from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. The Goldman Sachs Group decreased their price objective on Parsons from $69.00 to $60.00 and set a “neutral” rating for the company in a report on Monday, August 3rd. William Blair reiterated an “outperform” rating on shares of Parsons in a report on Wednesday, July 29th. Robert W. Baird upgraded Parsons from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $48.00 to $57.00 in a report on Friday, August 21st. Finally, Weiss Ratings cut Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. Eleven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.00.

Parsons Price Performance

Shares of PSN opened at $42.36 on Monday. The stock has a market capitalization of $4.52 billion, a P/E ratio of 29.21, a P/E/G ratio of 3.19 and a beta of 0.72. Parsons has a twelve month low of $36.26 and a twelve month high of $89.50. The company has a 50 day moving average of $45.83 and a 200-day moving average of $51.45. 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 posted its quarterly earnings data on Wednesday, July 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). Parsons had a net margin of 2.50% and a return on equity of 8.10%. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the business earned $0.78 earnings per share. Parsons’s revenue for the quarter was down .5% on a year-over-year basis. As a group, equities research analysts forecast that Parsons will post 2.29 EPS for the current fiscal year.

Insider Activity

In other news, Director George Ball bought 20,000 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were purchased at an average cost of $47.97 per share, with a total value of $959,400.00. Following the acquisition, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.31% of the company’s stock.

Institutional Trading of Parsons

Several large investors have recently made changes to their positions in PSN. Versant Capital Management Inc lifted 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 last quarter. GAMMA Investing LLC increased its stake in shares of Parsons by 160.0% in the 2nd quarter. GAMMA Investing LLC now owns 949 shares of the company’s stock valued at $50,000 after purchasing an additional 584 shares during the last quarter. Danske Bank A S bought a new position in shares of Parsons in the 2nd quarter valued at $58,000. Continuum Advisory LLC acquired a new position in shares of Parsons during the 2nd quarter worth $59,000. Finally, State of Wyoming acquired a new position in shares of Parsons during the 2nd quarter worth $64,000. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Company Profile

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, infrastructure and defense contractor. The company provides solutions for government and commercial customers in areas including national security, intelligence, cybersecurity, space, missile defense, transportation, environmental remediation, water and energy.

Parsons organizes its operations around Federal Solutions and Critical Infrastructure. Its offerings include systems engineering, program management, software and technology development, cyber and intelligence services, engineering and construction management, infrastructure modernization, and environmental services.