Parsons (NYSE:PSN) Given New $90.00 Price Target at Bank of America

Parsons (NYSE:PSN) had its price objective lowered by Bank of America from $95.00 to $90.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts also recently commented on the stock. TD Cowen raised shares of Parsons from a “hold” rating to a “buy” rating and decreased their target price for the stock from $90.00 to $75.00 in a research report on Wednesday, December 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Parsons in a research report on Monday, December 22nd. Truist Financial decreased their price objective on Parsons from $100.00 to $90.00 and set a “buy” rating for the company in a report on Friday, December 5th. Stifel Nicolaus reduced their price objective on shares of Parsons from $94.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, December 23rd. Finally, Citigroup assumed coverage on Parsons in a research report on Thursday, December 11th. They set a “buy” rating and a $86.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $85.08.

Parsons Stock Down 0.7%

Shares of NYSE:PSN opened at $62.26 on Tuesday. The business’s 50-day moving average is $76.07 and its 200-day moving average is $77.18. Parsons has a 1 year low of $54.56 and a 1 year high of $97.91. The company has a market capitalization of $6.63 billion, a price-to-earnings ratio of 28.56, a P/E/G ratio of 3.25 and a beta of 0.65. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.67 and a quick ratio of 1.67.

Parsons (NYSE:PSN) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.12. Parsons had a return on equity of 11.98% and a net margin of 3.69%.The firm had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period in the previous year, the firm earned $0.95 earnings per share. The company’s revenue was down 10.4% compared to the same quarter last year. Equities research analysts predict that Parsons will post 3.58 earnings per share for the current year.

Institutional Investors Weigh In On Parsons

Large investors have recently made changes to their positions in the business. Mather Group LLC. bought a new stake in shares of Parsons during the 3rd quarter valued at about $25,000. Banque Transatlantique SA purchased a new position in Parsons during the first quarter valued at $34,000. True Wealth Design LLC boosted its holdings in Parsons by 63.9% in 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 bought a new stake in Parsons in the third quarter worth $40,000. Finally, NewEdge Advisors LLC grew its stake in shares of Parsons by 38.0% in the first quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock worth $57,000 after acquiring an additional 264 shares during the last quarter. 98.02% of the stock is currently owned by institutional investors.

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.