Parsons (NYSE:PSN) Price Target Lowered to $70.00 at Barclays

Parsons (NYSE:PSN) had its target price cut by Barclays from $78.00 to $70.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price suggests a potential upside of 31.13% from the company’s previous close.

Several other analysts have also issued reports on PSN. Citigroup upped their target price on Parsons from $86.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Parsons in a research report on Thursday, January 15th. KeyCorp dropped their price objective on Parsons from $80.00 to $73.00 and set an “overweight” rating on the stock in a research note on Thursday, February 12th. Raymond James Financial cut shares of Parsons from a “strong-buy” rating to a “market perform” rating in a research note on Friday, December 5th. Finally, TD Cowen upgraded shares of Parsons from a “hold” rating to a “buy” rating and lowered their target price for the stock from $90.00 to $75.00 in a report on Wednesday, December 10th. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell 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 $82.75.

Parsons Stock Up 2.2%

PSN traded up $1.17 during trading hours on Tuesday, hitting $53.38. 279,282 shares of the company’s stock were exchanged, compared to its average volume of 1,294,932. Parsons has a 1-year low of $49.38 and a 1-year high of $89.50. The stock’s 50-day moving average is $63.08 and its two-hundred day moving average is $72.11. The stock has a market cap of $5.65 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 1.64 and a beta of 0.68. 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 (NYSE:PSN) last issued its quarterly 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). Parsons had a net margin of 3.79% and a return on equity of 11.81%. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the firm posted $0.78 earnings per share. The firm’s quarterly revenue was down 7.5% on a year-over-year basis. Sell-side analysts predict that Parsons will post 3.58 earnings per share for the current fiscal year.

Institutional Trading of Parsons

A number of hedge funds have recently modified their holdings of PSN. Mather Group LLC. bought a new stake in shares of Parsons during the 3rd quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Parsons during the fourth quarter worth approximately $25,000. Danske Bank A S acquired a new stake in Parsons during the fourth quarter worth approximately $31,000. Los Angeles Capital Management LLC bought a new stake in shares of Parsons during the fourth quarter worth approximately $32,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Parsons in the third quarter valued at approximately $40,000. Institutional investors and hedge funds 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.