Stifel Nicolaus Cuts Parsons (NYSE:PSN) Price Target to $90.00

Parsons (NYSE:PSN) had its price target decreased by Stifel Nicolaus from $94.00 to $90.00 in a research report report published on Tuesday,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

Several other brokerages also recently commented on PSN. Robert W. Baird lowered their price objective on Parsons from $100.00 to $82.00 and set an “outperform” rating on the stock in a research report on Monday, December 8th. Truist Financial lowered their price target on Parsons from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, December 5th. Citigroup initiated coverage on Parsons in a research note on Thursday, December 11th. They issued a “buy” rating and a $86.00 price target for the company. UBS Group assumed coverage on shares of Parsons in a research report on Wednesday, November 19th. They set a “buy” rating and a $107.00 price objective on the stock. Finally, Raymond James Financial lowered shares of Parsons from a “strong-buy” rating to a “market perform” rating in a research report on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $85.46.

Parsons Stock Performance

PSN opened at $62.84 on Tuesday. The company has a 50 day simple moving average of $77.38 and a two-hundred day simple moving average of $77.23. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.67 and a quick ratio of 1.67. The firm has a market cap of $6.69 billion, a P/E ratio of 28.83, a PEG ratio of 3.26 and a beta of 0.65. Parsons has a 1-year low of $54.56 and a 1-year high of $97.91.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, November 5th. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.12. The company had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Parsons had a net margin of 3.69% and a return on equity of 11.98%. Parsons’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.95 EPS. Equities analysts forecast that Parsons will post 3.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PSN. Mather Group LLC. purchased a new position in Parsons in the third quarter worth about $25,000. Banque Transatlantique SA bought a new stake in shares of Parsons in the 1st quarter valued at approximately $34,000. True Wealth Design LLC boosted its holdings in shares of Parsons by 63.9% in the 2nd quarter. True Wealth Design LLC now owns 485 shares of the company’s stock worth $35,000 after purchasing an additional 189 shares during the period. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Parsons during the 3rd quarter valued at approximately $40,000. Finally, NewEdge Advisors LLC raised its holdings in Parsons by 38.0% during the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after buying an additional 264 shares during the period. Institutional investors own 98.02% of the company’s stock.

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.