Parsons Corporation (NYSE:PSN) Receives $78.17 Average PT from Analysts

Shares of Parsons Corporation (NYSE:PSN) have earned an average recommendation of “Moderate Buy” from the sixteen brokerages that are currently covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $77.1538.

A number of analysts have recently issued reports on PSN shares. Barclays cut their price target on shares of Parsons from $78.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. BNP Paribas Exane set a $65.00 price target on shares of Parsons and gave the stock an “outperform” rating in a report on Wednesday. KeyCorp downgraded shares of Parsons from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 14th. UBS Group cut their price target on shares of Parsons from $104.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, February 12th. Finally, Truist Financial cut their price target on shares of Parsons from $85.00 to $75.00 and set a “buy” rating for the company in a report on Monday, April 20th.

Insider Activity at Parsons

In related news, Director Mark Keith Holdsworth bought 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average price of $51.27 per share, for a total transaction of $512,700.00. Following the acquisition, the director owned 39,918 shares of the company’s stock, valued at approximately $2,046,595.86. This trade represents a 33.42% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director George L. Ball bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was bought at an average price of $50.00 per share, with a total value of $500,000.00. Following the acquisition, the director directly owned 150,383 shares in the company, valued at $7,519,150. The trade was a 7.12% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders purchased 32,500 shares of company stock worth $1,637,325. Insiders own 1.31% of the company’s stock.

Institutional Trading of Parsons

Several institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio increased its holdings in Parsons by 0.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 17,029 shares of the company’s stock valued at $1,412,000 after purchasing an additional 144 shares during the last quarter. Kennedy Capital Management LLC increased its holdings in Parsons by 0.4% in the 4th quarter. Kennedy Capital Management LLC now owns 47,680 shares of the company’s stock valued at $2,947,000 after purchasing an additional 194 shares during the last quarter. CI Investments Inc. boosted its position in Parsons by 32.5% in the 3rd quarter. CI Investments Inc. now owns 852 shares of the company’s stock valued at $71,000 after buying an additional 209 shares during the period. NewEdge Advisors LLC boosted its position in Parsons by 38.0% in the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after buying an additional 264 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its position in Parsons by 4.7% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 6,156 shares of the company’s stock valued at $510,000 after buying an additional 278 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Stock Up 0.4%

PSN stock opened at $59.08 on Tuesday. The firm has a 50-day moving average of $53.46 and a two-hundred day moving average of $63.54. The company has a market cap of $6.32 billion, a price-to-earnings ratio of 28.27, a PEG ratio of 1.88 and a beta of 0.60. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.55. Parsons has a 12 month low of $48.23 and a 12 month high of $89.50.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.09. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.50 billion. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The business’s revenue was down 4.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 EPS. As a group, analysts forecast that Parsons will post 2.94 earnings per share for the current fiscal year.

Parsons Company Profile

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.