Parsons Corporation (NYSE:PSN) Receives $83.42 Average Target Price from Brokerages

Shares of Parsons Corporation (NYSE:PSN) have been given an average recommendation of “Moderate Buy” by the fifteen brokerages that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and eleven have issued a buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $83.4167.

A number of equities research analysts have issued reports on the company. Stifel Nicolaus cut their price target on Parsons from $94.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, December 23rd. Citigroup boosted their price objective on Parsons from $86.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. KeyCorp dropped 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. Weiss Ratings reissued a “hold (c)” rating on shares of Parsons in a research note on Monday, December 29th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Parsons in a report on Thursday, January 15th.

Parsons Stock Performance

PSN opened at $51.11 on Thursday. The firm has a market cap of $5.41 billion, a P/E ratio of 23.23, a PEG ratio of 1.69 and a beta of 0.68. Parsons has a 1-year low of $51.07 and a 1-year high of $89.50. The company has a 50 day simple moving average of $66.07 and a two-hundred day simple moving average of $73.53. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.75 and a quick ratio of 1.75.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $0.75 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the business earned $0.78 earnings per share. The firm’s revenue for the quarter was down 7.5% on a year-over-year basis. Equities analysts forecast that Parsons will post 3.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Parsons

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Parsons by 2.6% during the third quarter. Vanguard Group Inc. now owns 5,077,310 shares of the company’s stock worth $421,011,000 after acquiring an additional 130,694 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in Parsons by 6.2% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,477,159 shares of the company’s stock valued at $153,088,000 after acquiring an additional 145,238 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Parsons by 1.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,712,937 shares of the company’s stock valued at $105,863,000 after acquiring an additional 30,351 shares during the last quarter. Channing Capital Management LLC lifted its stake in Parsons by 16.8% in the 4th quarter. Channing Capital Management LLC now owns 1,484,039 shares of the company’s stock worth $91,714,000 after purchasing an additional 213,312 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in Parsons by 151.5% in the 2nd quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock worth $75,173,000 after purchasing an additional 639,481 shares in the last quarter. Hedge funds and other 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.