Analysts Set Parsons Corporation (NYSE:PSN) Price Target at $83.92

Parsons Corporation (NYSE:PSN) has received a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $83.9231.

PSN has been the subject of several recent analyst reports. Jefferies Financial Group restated a “hold” rating on shares of Parsons in a research note on Thursday, January 15th. Stifel Nicolaus lowered their price objective on Parsons from $94.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, December 23rd. Robert W. Baird dropped their price objective on Parsons from $100.00 to $82.00 and set an “outperform” rating on the stock in a report on Monday, December 8th. Bank of America cut their target price on Parsons from $95.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, December 30th. Finally, Truist Financial reissued a “buy” rating and set a $85.00 price target (down previously from $90.00) on shares of Parsons in a research report on Thursday, February 12th.

Institutional Investors Weigh In On Parsons

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Mather Group LLC. acquired a new position in shares of Parsons in the 3rd quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in Parsons in the 4th quarter worth about $25,000. Danske Bank A S acquired a new stake in shares of Parsons in the fourth quarter valued at approximately $31,000. Los Angeles Capital Management LLC acquired a new position in shares of Parsons during the fourth quarter worth approximately $32,000. Finally, True Wealth Design LLC grew its holdings in 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 buying an additional 189 shares in the last quarter. Institutional investors own 98.02% of the company’s stock.

Parsons Stock Up 3.5%

NYSE PSN opened at $65.95 on Friday. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.45. Parsons has a fifty-two week low of $54.56 and a fifty-two week high of $89.50. The business has a 50 day moving average price of $66.41 and a two-hundred day moving average price of $75.82. The stock has a market cap of $6.98 billion, a PE ratio of 29.98, a P/E/G ratio of 3.70 and a beta of 0.66.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, February 11th. The company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.06). The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates 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 firm posted $0.78 earnings per share. As a group, sell-side analysts predict that Parsons will post 3.58 EPS for the current fiscal year.

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.