Truist Financial Cuts Parsons (NYSE:PSN) Price Target to $75.00

Parsons (NYSE:PSN) had its price objective reduced by Truist Financial from $85.00 to $75.00 in a research note published on Monday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued research reports about the stock. Zacks Research raised shares of Parsons from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. UBS Group cut their target price on shares of Parsons from $104.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. Stifel Nicolaus cut their target price on shares of Parsons from $94.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, December 23rd. Citigroup cut their target price on shares of Parsons from $88.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, April 2nd. Finally, Robert W. Baird reissued a “neutral” rating and set a $60.00 target price on shares of Parsons in a research report on Monday, April 13th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Parsons has an average rating of “Moderate Buy” and an average target price of $78.58.

Parsons Stock Down 1.4%

Parsons stock opened at $53.63 on Monday. The firm has a market cap of $5.68 billion, a price-to-earnings ratio of 24.38, a P/E/G ratio of 1.70 and a beta of 0.73. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.75 and a quick ratio of 1.75. Parsons has a fifty-two week low of $49.38 and a fifty-two week high of $89.50. The firm has a fifty day moving average price of $58.35 and a two-hundred day moving average price of $69.13.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, February 11th. The company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.06). The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.68 billion. Parsons had a return on equity of 11.81% and a net margin of 3.79%.The firm’s revenue was down 7.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.78 EPS. As a group, analysts forecast that Parsons will post 2.99 earnings per share for the current year.

Institutional Trading of Parsons

Several institutional investors have recently modified their holdings of PSN. Mather Group LLC. acquired a new stake in shares of Parsons during the 3rd quarter worth approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parsons during the 4th quarter worth approximately $25,000. Danske Bank A S acquired a new stake in shares of Parsons during the 4th quarter worth approximately $31,000. Los Angeles Capital Management LLC acquired a new stake in shares of Parsons during the 4th quarter worth approximately $32,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Parsons during the 3rd quarter worth approximately $40,000. 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.