Citigroup Has Lowered Expectations for Parsons (NYSE:PSN) Stock Price

Parsons (NYSE:PSN) had its price objective cut by Citigroup from $88.00 to $70.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 24.65% from the stock’s previous close.

PSN has been the topic of a number of other reports. Jefferies Financial Group reiterated a “hold” rating on shares of Parsons in a report on Thursday, January 15th. Truist Financial restated a “buy” rating and issued a $85.00 price target (down from $90.00) on shares of Parsons in a research report on Thursday, February 12th. Bank of America dropped their price target on Parsons from $95.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, December 30th. Barclays cut their price objective on Parsons from $78.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Stifel Nicolaus reduced 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. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $81.25.

Parsons Price Performance

Shares of Parsons stock traded up $1.07 during trading on Thursday, hitting $56.16. The stock had a trading volume of 468,953 shares, compared to its average volume of 1,299,163. The business has a fifty day moving average of $62.38 and a two-hundred day moving average of $71.83. Parsons has a fifty-two week low of $49.38 and a fifty-two week high of $89.50. The firm has a market cap of $5.94 billion, a P/E ratio of 25.54, a PEG ratio of 1.69 and a beta of 0.68. 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 issued its quarterly earnings results 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 return on equity of 11.81% and a net margin of 3.79%.The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the firm posted $0.78 earnings per share. Parsons’s revenue was down 7.5% compared to the same quarter last year. On average, sell-side analysts expect that Parsons will post 3.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Parsons

Several hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC grew its position in Parsons by 38.0% during the first quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after purchasing an additional 264 shares in the last quarter. Jones Financial Companies Lllp lifted its position in Parsons by 433.9% in the 1st quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company’s stock worth $75,000 after buying an additional 1,024 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Parsons in the 2nd quarter worth approximately $228,000. Prudential Financial Inc. boosted its stake in shares of Parsons by 40.9% during the 2nd quarter. Prudential Financial Inc. now owns 5,945 shares of the company’s stock valued at $427,000 after buying an additional 1,725 shares during the period. Finally, Quadrant Capital Group LLC grew its holdings in shares of Parsons by 2,400.7% during the 2nd quarter. Quadrant Capital Group LLC now owns 7,427 shares of the company’s stock valued at $533,000 after acquiring an additional 7,130 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.