Parsons (NYSE:PSN) Price Target Lowered to $70.00 at Barclays

Parsons (NYSE:PSN) had its price objective trimmed by Barclays from $78.00 to $70.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts have also weighed in on PSN. Weiss Ratings reiterated a “hold (c)” rating on shares of Parsons in a research report on Friday. TD Cowen upgraded shares of Parsons from a “hold” rating to a “buy” rating and decreased their price objective for the company from $90.00 to $75.00 in a research report on Wednesday, December 10th. Truist Financial restated a “buy” rating and set a $85.00 target price (down from $90.00) on shares of Parsons in a research note on Thursday, February 12th. Raymond James Financial downgraded shares of Parsons from a “strong-buy” rating to a “market perform” rating in a report on Friday, December 5th. Finally, Citigroup increased their price target on Parsons from $86.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Parsons has a consensus rating of “Moderate Buy” and a consensus target price of $82.75.

Parsons Stock Up 3.7%

NYSE PSN opened at $54.14 on Tuesday. Parsons has a 52 week low of $49.38 and a 52 week high of $89.50. 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 company has a market capitalization of $5.73 billion, a P/E ratio of 24.61, a price-to-earnings-growth ratio of 1.63 and a beta of 0.68. The stock’s 50-day moving average price is $62.74 and its 200-day moving average price is $71.95.

Parsons (NYSE:PSN) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the firm posted $0.78 earnings per share. The company’s revenue was down 7.5% compared to the same quarter last year. On average, equities research analysts predict that Parsons will post 3.58 earnings per share for the current year.

Institutional Investors Weigh In On Parsons

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

Parsons Company Profile

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.