Parsons (NYSE:PSN) Upgraded by TD Cowen to Buy Rating

TD Cowen upgraded shares of Parsons (NYSE:PSN) from a hold rating to a buy rating in a research note released on Wednesday, MarketBeat Ratings reports. They currently have $75.00 price target on the stock, down from their prior price target of $90.00.

A number of other brokerages also recently weighed in on PSN. Truist Financial lowered their target price on shares of Parsons from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, December 5th. UBS Group assumed coverage on Parsons in a research note on Wednesday, November 19th. They set a “buy” rating and a $107.00 price target for the company. Raymond James Financial downgraded Parsons from a “strong-buy” rating to a “market perform” rating in a research report on Friday, December 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Parsons in a research note on Wednesday, October 8th. Finally, Robert W. Baird cut their price objective on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating for the company in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $86.45.

Parsons Stock Up 3.0%

PSN stock opened at $67.11 on Wednesday. Parsons has a twelve month low of $54.56 and a twelve month high of $99.04. The firm has a market capitalization of $7.15 billion, a PE ratio of 30.79, a PEG ratio of 3.37 and a beta of 0.65. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.46. The stock has a 50-day simple moving average of $82.74 and a two-hundred day simple moving average of $77.65.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, November 5th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.12. Parsons had a net margin of 3.69% and a return on equity of 11.98%. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the prior year, the firm posted $0.95 EPS. Parsons’s revenue was down 10.4% on a year-over-year basis. On average, equities analysts predict 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 bought and sold shares of the business. Mather Group LLC. purchased a new position in Parsons during the third quarter valued at $25,000. Banque Transatlantique SA purchased a new position in Parsons during the 1st quarter valued at about $34,000. True Wealth Design LLC boosted its stake in Parsons by 63.9% during the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock worth $35,000 after acquiring an additional 189 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Parsons in the third quarter worth about $40,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of Parsons by 38.0% during 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 last quarter. 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.