Bank of America Has Lowered Expectations for Parsons (NYSE:PSN) Stock Price

Parsons (NYSE:PSN) had its price target reduced by equities research analysts at Bank of America from $95.00 to $90.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target suggests a potential upside of 44.22% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. UBS Group initiated coverage on Parsons in a report on Wednesday, November 19th. They issued a “buy” rating and a $107.00 price target on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Parsons in a research report on Monday, December 22nd. Barclays began coverage on Parsons in a research note on Friday, December 19th. They issued an “overweight” rating and a $70.00 price objective for the company. Truist Financial decreased their price objective on Parsons from $100.00 to $90.00 and set a “buy” rating for the company in a report on Friday, December 5th. Finally, Robert W. Baird lowered their price target on Parsons from $100.00 to $82.00 and set an “outperform” rating on the stock in a research report on Monday, December 8th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Parsons presently has an average rating of “Moderate Buy” and a consensus price target of $85.08.

Parsons Trading Down 0.5%

Shares of NYSE PSN traded down $0.31 during mid-day trading on Tuesday, reaching $62.41. The company had a trading volume of 224,128 shares, compared to its average volume of 1,343,968. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.46. The stock has a market cap of $6.65 billion, a price-to-earnings ratio of 28.64, a price-to-earnings-growth ratio of 3.24 and a beta of 0.65. The business’s 50-day moving average is $76.52 and its 200-day moving average is $77.23. Parsons has a 52 week low of $54.56 and a 52 week high of $97.91.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.12. The firm had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.67 billion. Parsons had a return on equity of 11.98% and a net margin of 3.69%.Parsons’s quarterly revenue was down 10.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 earnings per share. Equities analysts expect that Parsons will post 3.58 earnings per share for the current year.

Institutional Investors Weigh In On Parsons

A number of institutional investors and hedge funds have recently modified their holdings of PSN. GAMMA Investing LLC lifted its position in Parsons by 10.6% in the third quarter. GAMMA Investing LLC now owns 1,412 shares of the company’s stock valued at $117,000 after acquiring an additional 135 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in 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 buying an additional 144 shares in the last quarter. Thomas Story & Son LLC raised its holdings in shares of Parsons by 5.7% during the 3rd quarter. Thomas Story & Son LLC now owns 3,035 shares of the company’s stock valued at $252,000 after buying an additional 165 shares during the period. True Wealth Design LLC boosted its position in Parsons by 63.9% in the 2nd quarter. True Wealth Design LLC now owns 485 shares of the company’s stock valued at $35,000 after buying an additional 189 shares during the last quarter. Finally, CI Investments Inc. boosted its stake in Parsons by 32.5% during the 3rd quarter. CI Investments Inc. now owns 852 shares of the company’s stock valued at $71,000 after acquiring an additional 209 shares during the last quarter. 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, 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.