Brokerages Set Parsons Corporation (NYSE:PSN) PT at $64.33

Shares of Parsons Corporation (NYSE:PSN) have been assigned a consensus rating of “Moderate Buy” from the sixteen analysts that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $64.3333.

PSN has been the topic of a number of recent research reports. UBS Group dropped their target price on Parsons from $67.00 to $58.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. The Goldman Sachs Group decreased their price target on Parsons from $69.00 to $60.00 and set a “neutral” rating for the company in a report on Monday, August 3rd. Stifel Nicolaus lowered their price target on Parsons from $79.00 to $66.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Weiss Ratings cut Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Finally, Barclays cut their price objective on shares of Parsons from $70.00 to $60.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th.

Parsons Trading Up 0.5%

PSN opened at $47.83 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.66 and a quick ratio of 1.66. Parsons has a fifty-two week low of $36.26 and a fifty-two week high of $89.50. The firm has a market capitalization of $5.11 billion, a PE ratio of 32.99, a P/E/G ratio of 3.63 and a beta of 0.68. The company’s 50-day moving average is $52.91 and its 200 day moving average is $56.44.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.61 billion. Parsons had a net margin of 2.50% and a return on equity of 8.10%. Parsons’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 EPS. As a group, research analysts predict that Parsons will post 2.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Parsons

In other news, Director George L. Ball purchased 20,000 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The shares were acquired 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 $8,173,272.51. This trade represents a 13.30% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.31% of the stock is owned by insiders.

Institutional Investors Weigh In On Parsons

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd purchased a new position in shares of Parsons in the 4th quarter worth approximately $25,000. Versant Capital Management Inc increased its position in shares of Parsons by 183.6% during the second quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock valued at $29,000 after acquiring an additional 358 shares during the last quarter. Danske Bank A S purchased a new stake in shares of Parsons during the fourth quarter valued at approximately $31,000. Los Angeles Capital Management LLC bought a new stake in Parsons during the fourth quarter worth $32,000. Finally, ST Germain D J Co. Inc. bought a new stake in Parsons during the fourth quarter worth $41,000. Hedge funds and other institutional investors 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.