Parsons Corporation (NYSE:PSN) Receives Average Recommendation of “Moderate Buy” from Analysts

Parsons Corporation (NYSE:PSN) has earned an average rating of “Moderate Buy” from the fifteen brokerages that are covering the company, MarketBeat.com reports. Six analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $75.8182.

A number of equities research analysts have issued reports on the company. Truist Financial decreased their price objective on Parsons from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Barclays dropped their target price on Parsons from $78.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. Robert W. Baird restated a “neutral” rating and set a $60.00 price target on shares of Parsons in a report on Monday, April 13th. Jefferies Financial Group restated a “hold” rating on shares of Parsons in a research report on Wednesday, July 8th. Finally, Weiss Ratings lowered shares of Parsons from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th.

Insider Activity

In other news, Director Mark Keith Holdsworth purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average cost of $51.27 per share, for a total transaction of $512,700.00. Following the acquisition, the director owned 39,918 shares of the company’s stock, valued at approximately $2,046,595.86. This trade represents a 33.42% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director George L. Ball acquired 10,000 shares of Parsons stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average cost of $50.00 per share, for a total transaction of $500,000.00. Following the completion of the transaction, the director directly owned 150,383 shares in the company, valued at $7,519,150. This trade represents a 7.12% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have bought 32,500 shares of company stock valued at $1,637,325. 1.31% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio raised its stake in shares of Parsons by 0.9% during the third quarter. Public Employees Retirement System of Ohio now owns 17,029 shares of the company’s stock valued at $1,412,000 after acquiring an additional 144 shares in the last quarter. Kennedy Capital Management LLC grew its stake in Parsons by 0.4% in the fourth quarter. Kennedy Capital Management LLC now owns 47,680 shares of the company’s stock worth $2,947,000 after purchasing an additional 194 shares in the last quarter. NewEdge Advisors LLC increased its holdings in Parsons by 38.0% during the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock worth $57,000 after purchasing an additional 264 shares during the period. IFP Advisors Inc increased its holdings in Parsons by 39.5% during the 3rd quarter. IFP Advisors Inc now owns 1,032 shares of the company’s stock worth $91,000 after purchasing an additional 292 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its position in Parsons by 2.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,900 shares of the company’s stock valued at $590,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Stock Performance

Shares of NYSE:PSN opened at $55.17 on Wednesday. The firm has a fifty day simple moving average of $54.85 and a two-hundred day simple moving average of $58.76. Parsons has a 52 week low of $46.88 and a 52 week high of $89.50. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $5.90 billion, a P/E ratio of 26.40, a PEG ratio of 1.75 and a beta of 0.66.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.09. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the prior year, the company earned $0.60 EPS. The business’s revenue was down 4.1% compared to the same quarter last year. On average, analysts expect that Parsons will post 2.97 earnings per share for the current fiscal year.

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.