TD Cowen Has Lowered Expectations for Parsons (NYSE:PSN) Stock Price

Parsons (NYSE:PSN) had its target price dropped by investment analysts at TD Cowen from $117.00 to $105.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective points to a potential upside of 15.18% from the company’s previous close.

PSN has been the topic of a number of other reports. KeyCorp upped their price objective on Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Robert W. Baird upped their price target on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Truist Financial cut their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Raymond James cut shares of Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Finally, The Goldman Sachs Group upgraded shares of Parsons from a “neutral” rating to a “buy” rating and lifted their price target for the company from $103.00 to $111.00 in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $110.75.

Parsons Price Performance

Shares of PSN stock traded up $0.62 during trading hours on Wednesday, reaching $91.16. The company had a trading volume of 257,635 shares, compared to its average volume of 833,009. Parsons has a 12-month low of $62.13 and a 12-month high of $114.68. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. The company has a market capitalization of $9.68 billion, a price-to-earnings ratio of 138.12, a PEG ratio of 1.72 and a beta of 0.74. The stock has a fifty day moving average of $98.77 and a 200-day moving average of $95.05.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.07. Parsons had a net margin of 1.21% and a return on equity of 12.74%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.63 billion. On average, equities analysts anticipate that Parsons will post 3.02 earnings per share for the current year.

Institutional Investors Weigh In On Parsons

A number of hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its stake in Parsons by 224.7% during the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock worth $29,000 after purchasing an additional 218 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Parsons by 18.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock worth $123,685,000 after buying an additional 183,117 shares during the last quarter. Retirement Systems of Alabama acquired a new position in shares of Parsons in the 3rd quarter valued at $5,884,000. Franklin Resources Inc. grew its position in shares of Parsons by 11.8% in the 3rd quarter. Franklin Resources Inc. now owns 601,071 shares of the company’s stock valued at $64,813,000 after buying an additional 63,657 shares during the last quarter. Finally, Tidal Investments LLC raised its stake in Parsons by 140.9% during the 3rd quarter. Tidal Investments LLC now owns 7,214 shares of the company’s stock worth $748,000 after acquiring an additional 4,220 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

About Parsons

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.