Parsons Corporation (NYSE:PSN) Receives $64.08 Consensus Price Target from Analysts

Parsons Corporation (NYSE:PSN) has earned an average rating of “Moderate Buy” from the sixteen research firms that are presently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and eleven have issued a buy recommendation on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $64.0833.

A number of analysts have weighed in on PSN shares. UBS Group decreased their target price 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. Zacks Research cut Parsons from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 5th. Truist Financial reissued a “buy” rating and set a $60.00 price objective (down from $75.00) on shares of Parsons in a report on Thursday, July 30th. The Goldman Sachs Group reduced their price objective on Parsons from $69.00 to $60.00 and set a “neutral” rating on the stock in a research report on Monday, August 3rd. Finally, Weiss Ratings cut Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th.

Parsons Stock Up 2.6%

PSN stock opened at $47.55 on Thursday. The stock has a market capitalization of $5.08 billion, a P/E ratio of 32.79, a price-to-earnings-growth ratio of 3.60 and a beta of 0.71. 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 has a 50-day moving average price of $51.12 and a 200-day moving average price of $54.27.

Parsons (NYSE:PSN) last announced 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 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%. The company’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period last year, the firm posted $0.78 earnings per share. As a group, equities research analysts anticipate that Parsons will post 2.29 EPS for the current fiscal year.

Insider Buying and Selling at Parsons

In other news, Director George Ball purchased 20,000 shares of Parsons stock in a transaction dated Friday, August 7th. The shares were bought at an average cost of $47.97 per share, for a total transaction of $959,400.00. Following the completion of the acquisition, the director owned 170,383 shares in the company, valued at approximately $8,173,272.51. This trade represents a 13.30% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.31% of the company’s stock.

Institutional Investors Weigh In On Parsons

Several hedge funds have recently added to or reduced their stakes in PSN. NewEdge Advisors LLC increased its position 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 during the period. Jones Financial Companies Lllp grew its stake in shares of Parsons by 433.9% in the first quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company’s stock worth $75,000 after purchasing an additional 1,024 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Parsons in the second quarter worth $228,000. Prudential Financial Inc. grew its stake in shares of Parsons by 40.9% in the second quarter. Prudential Financial Inc. now owns 5,945 shares of the company’s stock worth $427,000 after purchasing an additional 1,725 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Parsons by 176.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company’s stock valued at $59,000 after purchasing an additional 528 shares during the period. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Company Profile

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.