Parsons (NYSE:PSN) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of Parsons (NYSE:PSN) from a hold rating to a strong sell rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

PSN has been the topic of a number of other reports. Citigroup raised their price target on Parsons from $86.00 to $88.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Parsons in a report on Monday, December 29th. UBS Group cut their target price on Parsons from $104.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, February 12th. Robert W. Baird lowered their price target on Parsons from $100.00 to $82.00 and set an “outperform” rating for the company in a report on Monday, December 8th. Finally, KeyCorp dropped their price target on shares of Parsons from $80.00 to $73.00 and set an “overweight” rating on the stock in a research note on Thursday, February 12th. Twelve research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Parsons has an average rating of “Moderate Buy” and a consensus price target of $83.92.

Parsons Stock Down 0.6%

Shares of Parsons stock opened at $65.52 on Wednesday. Parsons has a 52-week low of $54.56 and a 52-week high of $89.50. The company has a 50 day moving average of $66.46 and a 200 day moving average of $75.75. 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 $6.93 billion, a P/E ratio of 29.78, a P/E/G ratio of 3.83 and a beta of 0.66.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $0.75 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 firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same period in the prior year, the company posted $0.78 earnings per share. The company’s revenue for the quarter was down 7.5% on a year-over-year basis. As a group, research analysts forecast that Parsons will post 3.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Parsons

Several large investors have recently modified their holdings of PSN. Mather Group LLC. purchased a new stake in Parsons in the 3rd quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new position in Parsons in the fourth quarter valued at $25,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Parsons in the third quarter valued at about $40,000. True Wealth Design LLC boosted its stake in shares of Parsons by 63.9% during the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock worth $35,000 after buying an additional 189 shares during the period. Finally, Danske Bank A S purchased a new position in shares of Parsons during the fourth quarter worth about $31,000. 98.02% of the stock is owned by institutional investors and hedge funds.

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.