Citigroup Has Lowered Expectations for Parsons (NYSE:PSN) Stock Price

Parsons (NYSE:PSN) had its target price dropped by equities researchers at Citigroup from $88.00 to $70.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 24.34% from the company’s current price.

PSN has been the topic of a number of other research reports. Truist Financial reissued a “buy” rating and issued a $85.00 price objective (down from $90.00) on shares of Parsons in a report on Thursday, February 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Parsons in a research report on Friday, March 27th. Bank of America dropped their price target 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. Zacks Research downgraded shares of Parsons from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 18th. Finally, KeyCorp reduced their price objective on Parsons from $80.00 to $73.00 and set an “overweight” rating for the company in a research note on Thursday, February 12th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.25.

Parsons Stock Down 0.0%

Parsons stock opened at $56.30 on Thursday. Parsons has a one year low of $49.38 and a one year high of $89.50. The stock has a fifty day moving average of $61.73 and a 200 day moving average of $71.58. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.75 and a current ratio of 1.75. The stock has a market cap of $5.96 billion, a PE ratio of 25.59, a price-to-earnings-growth ratio of 1.76 and a beta of 0.73.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, February 11th. The company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.06). The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.68 billion. Parsons had a return on equity of 11.81% and a net margin of 3.79%.The company’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.78 earnings per share. As a group, sell-side analysts predict that Parsons will post 3.58 EPS for the current year.

Institutional Trading of Parsons

A number of hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its position in shares of Parsons by 10.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,412 shares of the company’s stock valued at $117,000 after purchasing an additional 135 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in Parsons by 0.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 17,029 shares of the company’s stock worth $1,412,000 after buying an additional 144 shares during the period. Thomas Story & Son LLC increased its stake in Parsons by 5.7% in the 3rd quarter. Thomas Story & Son LLC now owns 3,035 shares of the company’s stock worth $252,000 after buying an additional 165 shares in the last quarter. Kennedy Capital Management LLC raised its holdings in Parsons by 0.4% during the fourth quarter. Kennedy Capital Management LLC now owns 47,680 shares of the company’s stock valued at $2,947,000 after acquiring an additional 194 shares during the period. Finally, CI Investments Inc. raised its holdings in Parsons by 32.5% during the third quarter. CI Investments Inc. now owns 852 shares of the company’s stock valued at $71,000 after acquiring an additional 209 shares during the period. 98.02% of the stock is owned by hedge funds and other institutional investors.

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.