Brokerages Set Parsons Corporation (NYSE:PSN) PT at $75.82

Shares of Parsons Corporation (NYSE:PSN) have earned a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $75.8182.

Several equities analysts recently weighed in on the stock. KeyCorp lowered shares of Parsons from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 14th. Jefferies Financial Group reiterated a “hold” rating on shares of Parsons in a report on Wednesday, July 8th. Truist Financial cut their price objective on Parsons from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Weiss Ratings cut Parsons from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Finally, Zacks Research raised Parsons from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th.

Insider Buying and Selling

In other news, Director George L. Ball acquired 10,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was bought at an average price of $50.00 per share, with a total value of $500,000.00. Following the completion of the transaction, the director directly owned 150,383 shares of the company’s stock, valued at $7,519,150. The trade was a 7.12% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Mark Keith Holdsworth acquired 10,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was purchased at an average cost of $51.27 per share, with a total value of $512,700.00. Following the transaction, the director directly owned 39,918 shares of the company’s stock, valued at $2,046,595.86. This represents a 33.42% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 32,500 shares of company stock valued at $1,637,325. Corporate insiders own 1.31% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd purchased a new stake in Parsons during the 4th quarter worth $25,000. Versant Capital Management Inc boosted its position in Parsons by 183.6% in the 2nd quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock valued at $29,000 after buying an additional 358 shares during the last quarter. Danske Bank A S acquired a new stake in shares of Parsons during the fourth quarter valued at about $31,000. Los Angeles Capital Management LLC purchased a new stake in shares of Parsons during the fourth quarter worth about $32,000. Finally, ST Germain D J Co. Inc. purchased a new stake in shares of Parsons during the fourth quarter worth about $41,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Trading Down 3.0%

NYSE PSN opened at $56.15 on Wednesday. Parsons has a one year low of $46.88 and a one year high of $89.50. The company’s 50 day moving average price is $54.66 and its 200 day moving average price is $58.88. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.75 and a current ratio of 1.75. The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of 26.87, a PEG ratio of 1.82 and a beta of 0.66.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.09. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the company posted $0.60 earnings per share. Parsons’s revenue was down 4.1% compared to the same quarter last year. On average, sell-side analysts predict that Parsons will post 2.97 EPS for the current year.

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.