Parsons (NYSE:PSN) Cut to “Strong Sell” at Zacks Research

Parsons (NYSE:PSN) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

A number of other research firms have also commented on PSN. UBS Group reduced their price objective on shares of Parsons from $104.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Citigroup raised their price objective on shares of Parsons from $86.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Raymond James Financial downgraded Parsons from a “strong-buy” rating to a “market perform” rating in a research note on Friday, December 5th. Bank of America dropped their target price on Parsons from $95.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, December 30th. Finally, Truist Financial reissued a “buy” rating and issued a $85.00 price target (down previously from $90.00) on shares of Parsons in a research note on Thursday, February 12th. Twelve equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.92.

Parsons Trading Up 3.5%

Shares of NYSE:PSN opened at $65.95 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.75 and a current ratio of 1.75. The stock has a market capitalization of $6.98 billion, a price-to-earnings ratio of 29.98, a PEG ratio of 3.70 and a beta of 0.66. Parsons has a 1-year low of $54.56 and a 1-year high of $89.50. The company has a 50 day moving average price of $66.41 and a 200 day moving average price of $75.82.

Parsons (NYSE:PSN) last released its quarterly earnings data on Wednesday, February 11th. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.06). The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.68 billion. Parsons had a return on equity of 11.81% and a net margin of 3.79%.The business’s revenue was down 7.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.78 earnings per share. On average, research analysts anticipate that Parsons will post 3.58 EPS for the current fiscal year.

Institutional Trading of Parsons

Several hedge funds and other institutional investors have recently bought and sold shares of PSN. Mather Group LLC. acquired a new stake in Parsons during the third quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Parsons during the fourth quarter valued at approximately $25,000. Danske Bank A S acquired a new position in shares of Parsons in the fourth quarter valued at $31,000. Los Angeles Capital Management LLC bought a new position in Parsons in the fourth quarter worth $32,000. Finally, True Wealth Design LLC boosted its stake in Parsons by 63.9% during the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock worth $35,000 after buying an additional 189 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

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.