Parsons (NYSE:PSN) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Parsons (NYSE:PSN) from a buy rating to a hold rating in a research note published on Sunday morning,Wall Street Zen reports.

PSN has been the subject of several other research reports. The Goldman Sachs Group dropped 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. TD Cowen reduced their target price on Parsons from $72.00 to $62.00 and set a “buy” rating on the stock in a research note on Tuesday, October 6th. Jefferies Financial Group upgraded Parsons from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Sunday, August 2nd. Robert W. Baird upgraded Parsons from a “neutral” rating to an “outperform” rating and upped their target price for the company from $48.00 to $57.00 in a report on Friday, August 21st. Finally, Truist Financial reaffirmed a “buy” rating and issued a $60.00 price target (down from $75.00) on shares of Parsons in a research note on Thursday, July 30th. Eleven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.33.

Parsons Stock Performance

Shares of NYSE:PSN opened at $51.56 on Friday. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average price of $46.04 and a 200-day moving average price of $53.45. The company has a market cap of $5.44 billion, a price-to-earnings ratio of 25.00, a price-to-earnings-growth ratio of 4.13 and a beta of 0.69. Parsons has a 12 month low of $36.26 and a 12 month high of $88.00.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, October 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.09. Parsons had a return on equity of 8.11% and a net margin of 2.33%. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same period last year, the firm earned $0.86 earnings per share. Parsons’s quarterly revenue was up 1.8% on a year-over-year basis. As a group, equities analysts anticipate that Parsons will post 2.16 EPS for the current year.

Institutional Trading of Parsons

Several institutional investors and hedge funds have recently bought and sold shares of PSN. Private Advisor Group LLC boosted its position in Parsons by 96.7% during the 3rd quarter. Private Advisor Group LLC now owns 8,733 shares of the company’s stock valued at $358,000 after acquiring an additional 4,293 shares in the last quarter. Vawter Financial Ltd. bought a new position in shares of Parsons in the 3rd quarter worth approximately $873,000. Edgestream Partners L.P. bought a new position in shares of Parsons in the 3rd quarter worth approximately $3,336,000. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Parsons by 228.1% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 50,108 shares of the company’s stock valued at $2,053,000 after purchasing an additional 34,838 shares during the period. Finally, Silver Oak Securities Incorporated lifted its stake in shares of Parsons by 8,955.4% in the 3rd quarter. Silver Oak Securities Incorporated now owns 5,071 shares of the company’s stock valued at $208,000 after purchasing an additional 5,015 shares during the period. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

About Parsons

Parsons Corporation is a technology-focused engineering and infrastructure company serving government and commercial clients. Its work includes engineering, construction management, program management, and technical services for complex projects and missions. The company operates through its Federal Solutions and Critical Infrastructure businesses. Federal Solutions provides services in areas such as defense, intelligence, cybersecurity, space, and missile defense. Critical Infrastructure supports projects involving transportation, water, environmental remediation, and other essential infrastructure.