Parsons (NYSE:PSN) Price Target Cut to $75.00 by Analysts at Truist Financial

Parsons (NYSE:PSN) had its target price lowered by Truist Financial from $85.00 to $75.00 in a research report report published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

PSN has been the subject of several other research reports. Weiss Ratings restated a “hold (c)” rating on shares of Parsons in a research note on Friday, March 27th. Bank of America lowered their price target on Parsons from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, December 30th. Robert W. Baird restated a “neutral” rating and set a $60.00 price target on shares of Parsons in a research note on Monday, April 13th. Stifel Nicolaus lowered their price target on Parsons from $94.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, December 23rd. Finally, KeyCorp lowered Parsons from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 14th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $78.58.

Parsons Price Performance

Shares of NYSE:PSN opened at $54.91 on Monday. The business has a 50 day moving average price of $58.79 and a 200 day moving average price of $69.47. Parsons has a twelve month low of $49.38 and a twelve month high of $89.50. The company has a market cap of $5.81 billion, a price-to-earnings ratio of 24.96, a PEG ratio of 1.74 and a beta of 0.73. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.45.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, February 11th. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.06). Parsons had a net margin of 3.79% and a return on equity of 11.81%. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the company earned $0.78 EPS. Parsons’s revenue for the quarter was down 7.5% compared to the same quarter last year. Research analysts predict that Parsons will post 2.99 earnings per share for the current year.

Institutional Investors Weigh In On Parsons

Several large investors have recently modified their holdings of PSN. Swedbank AB grew its stake in shares of Parsons by 654.7% in the 4th quarter. Swedbank AB now owns 1,052,541 shares of the company’s stock valued at $65,047,000 after purchasing an additional 913,079 shares during the period. AQR Capital Management LLC grew its stake in shares of 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 purchasing an additional 639,481 shares during the period. Brown Advisory Inc. grew its stake in shares of Parsons by 142.1% in the 4th quarter. Brown Advisory Inc. now owns 833,322 shares of the company’s stock valued at $51,499,000 after purchasing an additional 489,187 shares during the period. Alyeska Investment Group L.P. bought a new stake in shares of Parsons in the 3rd quarter valued at approximately $38,880,000. Finally, Millennium Management LLC grew its stake in shares of Parsons by 973.5% in the 4th quarter. Millennium Management LLC now owns 513,630 shares of the company’s stock valued at $31,742,000 after purchasing an additional 465,785 shares during the period. 98.02% of the stock is currently owned by institutional investors.

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.