Parsons (NYSE:PSN) Given New $81.00 Price Target at KeyCorp

Parsons (NYSE:PSN) had its price target reduced by KeyCorp from $93.00 to $81.00 in a research report released on Monday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also recently commented on PSN. Raymond James Financial cut shares of Parsons from a “strong-buy” rating to a “market perform” rating in a research report on Friday. Weiss Ratings reissued a “hold (c+)” rating on shares of Parsons in a research note on Wednesday, October 8th. Truist Financial dropped their price target on Parsons from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Friday. William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 20th. Finally, Zacks Research upgraded Parsons from a “strong sell” rating to a “hold” rating in a report on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Parsons currently has an average rating of “Moderate Buy” and a consensus price target of $89.18.

Parsons Stock Performance

NYSE PSN opened at $63.36 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.67 and a quick ratio of 1.67. The stock’s 50 day simple moving average is $83.46 and its 200-day simple moving average is $77.73. The company has a market cap of $6.75 billion, a PE ratio of 29.06, a price-to-earnings-growth ratio of 3.45 and a beta of 0.65. Parsons has a 1-year low of $54.56 and a 1-year high of $99.04.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.74 by $0.12. The firm had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.67 billion. Parsons had a return on equity of 11.98% and a net margin of 3.69%.The firm’s revenue was down 10.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.95 EPS. As a group, equities research analysts anticipate that Parsons will post 3.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Parsons

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Groupama Asset Managment acquired a new position in shares of Parsons in the 1st quarter valued at $136,183,000. William Blair Investment Management LLC raised its holdings in Parsons by 72.5% in the 2nd quarter. William Blair Investment Management LLC now owns 1,889,281 shares of the company’s stock valued at $135,594,000 after buying an additional 793,807 shares during the period. AQR Capital Management LLC raised its holdings in Parsons by 151.5% in the 2nd quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock valued at $75,173,000 after buying an additional 639,481 shares during the period. Cooper Creek Partners Management LLC acquired a new position in Parsons in the second quarter valued at about $45,653,000. Finally, Norges Bank purchased a new position in Parsons during the second quarter worth about $37,131,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

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.