Parsons Corporation (NYSE:PSN) Stock Has Consensus Price Target of $64.08 According to Brokerages

by · The Cerbat Gem

Shares of Parsons Corporation (NYSE:PSN – Get Free Report) have received a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are currently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $64.08.

Several analysts have recently weighed in on PSN shares. Barclays lowered their price objective on shares of Parsons from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Weiss Ratings lowered shares of Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. UBS Group reduced their target price on Parsons from $67.00 to $58.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. The Goldman Sachs Group lowered their price target on Parsons from $69.00 to $60.00 and set a “neutral” rating on the stock in a research report on Monday, August 3rd. Finally, TD Cowen reaffirmed a “buy” rating on shares of Parsons in a research note on Monday.

Check Out Our Latest Research Report on PSN

Insider Activity at Parsons

In other news, Director George Ball acquired 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were bought at an average cost of $47.97 per share, with a total value of $959,400.00. Following the acquisition, the director owned 170,383 shares in the company, valued at approximately $8,173,272.51. This represents a 13.30% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.31% of the company’s stock.

Institutional Trading of Parsons

A number of hedge funds have recently bought and sold shares of PSN. Sequoia Financial Advisors LLC grew its position in Parsons by 11.2% during the second quarter. Sequoia Financial Advisors LLC now owns 6,469 shares of the company’s stock valued at $339,000 after acquiring an additional 654 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Parsons during the second quarter worth approximately $72,000. IFP Advisors Inc raised its stake in shares of Parsons by 15.1% during the second quarter. IFP Advisors Inc now owns 1,623 shares of the company’s stock worth $85,000 after acquiring an additional 213 shares in the last quarter. Baird Financial Group Inc. bought a new stake in shares of Parsons in the 2nd quarter worth approximately $207,000. Finally, Nykredit A S bought a new stake in shares of Parsons in the 2nd quarter worth approximately $87,000. Institutional investors own 98.02% of the company’s stock.

Parsons Trading Down 1.3%

Shares of PSN opened at $41.00 on Monday. The firm’s 50 day simple moving average is $47.27 and its 200 day simple moving average is $51.78. The company has a market capitalization of $4.38 billion, a P/E ratio of 28.27, a P/E/G ratio of 3.15 and a beta of 0.71. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.66 and a quick ratio of 1.66. Parsons has a 1-year low of $36.26 and a 1-year high of $89.50.

Parsons (NYSE:PSN – Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.82). Parsons had a net margin of 2.50% and a return on equity of 8.10%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the previous year, the firm earned $0.78 earnings per share. The company’s revenue for the quarter was down .5% compared to the same quarter last year. Sell-side analysts forecast that Parsons will post 2.29 earnings per share for the current fiscal year.

About Parsons

(Get Free Report)

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, infrastructure and defense contractor. The company provides solutions for government and commercial customers in areas including national security, intelligence, cybersecurity, space, missile defense, transportation, environmental remediation, water and energy.

Parsons organizes its operations around Federal Solutions and Critical Infrastructure. Its offerings include systems engineering, program management, software and technology development, cyber and intelligence services, engineering and construction management, infrastructure modernization, and environmental services.

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