Parsons (NYSE:PSN) Reaches New 12-Month Low – Here’s What Happened

Parsons Corporation (NYSE:PSN) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as $56.16 and last traded at $56.1230, with a volume of 194512 shares changing hands. The stock had previously closed at $56.81.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PSN shares. Bank of America reduced their target price on shares of Parsons from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, December 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Parsons in a research note on Monday, December 29th. TD Cowen upgraded shares of Parsons from a “hold” rating to a “buy” rating and cut their price target for the stock from $90.00 to $75.00 in a report on Wednesday, December 10th. Zacks Research lowered shares of Parsons from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 18th. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of Parsons in a report on Thursday, January 15th. Eleven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $83.42.

Parsons Stock Down 3.4%

The firm has a market cap of $5.81 billion, a PE ratio of 24.95, a price-to-earnings-growth ratio of 1.72 and a beta of 0.68. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $66.87 and a two-hundred day moving average price of $74.11.

Parsons (NYSE:PSN) last released its 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 net margin of 3.79% and a return on equity of 11.81%. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter last year, the business posted $0.78 earnings per share. The company’s revenue for the quarter was down 7.5% on a year-over-year basis. On average, equities research analysts expect that Parsons Corporation will post 3.58 EPS for the current year.

Hedge Funds Weigh In On Parsons

Institutional investors and hedge funds have recently made changes to their positions in the stock. Channing Capital Management LLC grew its holdings in Parsons by 20.3% during the 2nd quarter. Channing Capital Management LLC now owns 1,277,286 shares of the company’s stock worth $91,671,000 after acquiring an additional 215,106 shares in the last quarter. Hood River Capital Management LLC purchased a new stake in shares of Parsons in the 2nd quarter valued at approximately $11,153,000. Savvy Advisors Inc. acquired a new stake in shares of Parsons in the 3rd quarter valued at $1,683,000. Retirement Systems of Alabama raised its holdings in shares of Parsons by 63.3% in the 3rd quarter. Retirement Systems of Alabama now owns 93,860 shares of the company’s stock valued at $7,783,000 after purchasing an additional 36,384 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in shares of Parsons during the 3rd quarter worth $2,042,000. 98.02% of the stock is owned by institutional investors and hedge funds.

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.