Parsons (NYSE:PSN) Price Target Lowered to $65.00 at Citigroup

Parsons (NYSE:PSN) had its price target decreased by Citigroup from $70.00 to $65.00 in a research note published on Thursday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other research firms also recently commented on PSN. Truist Financial cut their price objective on Parsons from $85.00 to $75.00 and set a “buy” rating for the company in a report on Monday, April 20th. KeyCorp lowered Parsons from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 14th. UBS Group reduced their target price on Parsons from $104.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Zacks Research raised shares of Parsons from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Parsons in a report on Friday, March 27th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $78.17.

Parsons Price Performance

NYSE:PSN opened at $50.43 on Thursday. Parsons has a 52-week low of $49.38 and a 52-week high of $89.50. The company has a market cap of $5.34 billion, a P/E ratio of 24.13, a P/E/G ratio of 1.57 and a beta of 0.73. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.75 and a current ratio of 1.75. The stock’s 50-day simple moving average is $56.93 and its 200 day simple moving average is $67.75.

Parsons (NYSE:PSN) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.70 by $0.09. The firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Parsons had a return on equity of 11.52% and a net margin of 3.62%.The business’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 earnings per share. As a group, sell-side analysts forecast that Parsons will post 2.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Parsons

A number of hedge funds and other institutional investors have recently modified their holdings of PSN. Mather Group LLC. acquired a new position in shares of Parsons in the third quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Parsons in the 4th quarter worth about $25,000. Danske Bank A S bought a new stake in Parsons in the 4th quarter valued at about $31,000. Los Angeles Capital Management LLC bought a new stake in Parsons in the 4th quarter valued at about $32,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Parsons during the 3rd quarter worth 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.