Zacks Investment Research Downgrades Parsons (NYSE:PSN) to Strong Sell

Parsons (NYSE:PSNGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Parsons Corporation is a provider of technology-driven solutions. It is focused on the defense, intelligence and critical infrastructure markets. The company offers technical design and engineering services and software which consists of cybersecurity, intelligence, defense, military training, connected communities, physical infrastructure and mobility solutions. Parsons Corporation is based in Centreville, United States. “

Several other brokerages also recently weighed in on PSN. TheStreet upgraded shares of Parsons from a “c+” rating to a “b-” rating in a research note on Thursday, March 17th. Truist Financial downgraded shares of Parsons from a “buy” rating to a “hold” rating and set a $42.00 target price for the company. in a research note on Friday, April 22nd. Raymond James initiated coverage on shares of Parsons in a research note on Friday, March 4th. They set an “outperform” rating and a $43.00 target price for the company. Stifel Nicolaus initiated coverage on shares of Parsons in a research report on Thursday, March 17th. They issued a “buy” rating for the company. Finally, The Goldman Sachs Group raised their price objective on shares of Parsons from $35.00 to $39.00 and gave the company a “neutral” rating in a research report on Thursday, April 14th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $40.20.

NYSE:PSN opened at $36.14 on Wednesday. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 61.25, a PEG ratio of 3.83 and a beta of 1.00. The company has a fifty day simple moving average of $37.18. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.31. Parsons has a 12 month low of $29.25 and a 12 month high of $45.01.

Parsons (NYSE:PSNGet Rating) last issued its quarterly earnings data on Wednesday, February 23rd. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.01. The company had revenue of $950.67 million for the quarter, compared to analyst estimates of $944.19 million. Parsons had a return on equity of 8.29% and a net margin of 1.75%. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.46 earnings per share. On average, equities research analysts anticipate that Parsons will post 1.7 EPS for the current fiscal year.

In other news, CFO George L. Ball bought 40,000 shares of the stock in a transaction on Friday, February 25th. The stock was purchased at an average cost of $33.40 per share, with a total value of $1,336,000.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.70% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio lifted its holdings in shares of Parsons by 1.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 31,181 shares of the company’s stock valued at $1,049,000 after acquiring an additional 403 shares in the last quarter. Voya Investment Management LLC lifted its holdings in Parsons by 4.9% in the 3rd quarter. Voya Investment Management LLC now owns 9,511 shares of the company’s stock worth $321,000 after buying an additional 445 shares in the last quarter. California State Teachers Retirement System lifted its holdings in Parsons by 1.3% in the 4th quarter. California State Teachers Retirement System now owns 35,865 shares of the company’s stock worth $1,207,000 after buying an additional 466 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its holdings in Parsons by 6.2% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 12,900 shares of the company’s stock worth $436,000 after buying an additional 755 shares in the last quarter. Finally, Rafferty Asset Management LLC lifted its holdings in Parsons by 7.6% in the 3rd quarter. Rafferty Asset Management LLC now owns 18,600 shares of the company’s stock worth $628,000 after buying an additional 1,319 shares in the last quarter.

About Parsons (Get Rating)

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. It operates through two segments, Federal Solutions and Critical Infrastructure. The company offers cyber security and intelligence services, as well as offensive and defensive cybersecurity platforms, tools, and operations to the U.S.

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