Truist Financial Reaffirms Buy Rating for Parsons (NYSE:PSN)

Parsons (NYSE:PSN)‘s stock had its “buy” rating reaffirmed by research analysts at Truist Financial in a report issued on Thursday,Benzinga reports. They currently have a $85.00 target price on the stock, down from their previous target price of $90.00. Truist Financial’s target price points to a potential upside of 34.16% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Parsons in a research note on Monday, December 29th. Bank of America reduced their price objective on shares of Parsons from $95.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, December 30th. TD Cowen raised shares of Parsons from a “hold” rating to a “buy” rating and decreased their target price for the company from $90.00 to $75.00 in a research report on Wednesday, December 10th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Parsons in a research note on Thursday, January 15th. Finally, Barclays boosted their price target on shares of Parsons from $70.00 to $78.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.92.

Parsons Stock Performance

NYSE:PSN opened at $63.36 on Thursday. The company’s 50-day moving average is $66.55 and its two-hundred day moving average is $76.12. Parsons has a 1-year low of $54.56 and a 1-year high of $89.50. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.75 and a quick ratio of 1.67. The firm has a market capitalization of $6.71 billion, a price-to-earnings ratio of 28.80, a PEG ratio of 3.51 and a beta of 0.66.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.06). Parsons had a return on equity of 11.81% and a net margin of 3.79%.The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the business earned $0.78 EPS. The firm’s quarterly revenue was down 7.5% on a year-over-year basis. Analysts forecast that Parsons will post 3.58 EPS for the current year.

Institutional Trading of Parsons

Large investors have recently modified their holdings of the stock. NewEdge Advisors LLC boosted its holdings in Parsons by 38.0% in the first quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after purchasing an additional 264 shares during the period. Jones Financial Companies Lllp raised its position in Parsons by 433.9% in the 1st quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company’s stock valued at $75,000 after purchasing an additional 1,024 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Parsons in the 2nd quarter valued at about $228,000. KLP Kapitalforvaltning AS grew its position in shares of Parsons by 7.9% during the second quarter. KLP Kapitalforvaltning AS now owns 10,900 shares of the company’s stock worth $782,000 after buying an additional 800 shares in the last quarter. Finally, Aberdeen Group plc grew its position in shares of Parsons by 12.0% during the second quarter. Aberdeen Group plc now owns 18,256 shares of the company’s stock worth $1,310,000 after buying an additional 1,963 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

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.