Analysts Set Parsons Corporation (NYSE:PSN) Price Target at $85.46

Shares of Parsons Corporation (NYSE:PSN) have been given an average recommendation of “Moderate Buy” by the seventeen analysts that are covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $85.4615.

Several research firms recently issued reports on PSN. Jefferies Financial Group lowered their price objective on Parsons from $90.00 to $75.00 and set a “hold” rating on the stock in a research report on Thursday, December 11th. Stifel Nicolaus decreased 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. TD Cowen raised Parsons from a “hold” rating to a “buy” rating and lowered their price target for the company from $90.00 to $75.00 in a report on Wednesday, December 10th. Robert W. Baird reduced their price objective on Parsons from $100.00 to $82.00 and set an “outperform” rating for the company in a report on Monday, December 8th. Finally, Raymond James Financial lowered Parsons from a “strong-buy” rating to a “market perform” rating in a research report on Friday, December 5th.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PSN. Vanguard Group Inc. grew its position in shares of Parsons by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 5,077,310 shares of the company’s stock valued at $421,011,000 after acquiring an additional 130,694 shares during the period. Artisan Partners Limited Partnership lifted its position in Parsons by 10.3% during the third quarter. Artisan Partners Limited Partnership now owns 2,331,921 shares of the company’s stock valued at $193,363,000 after purchasing an additional 217,342 shares in the last quarter. William Blair Investment Management LLC grew its holdings in Parsons by 72.5% during the second quarter. William Blair Investment Management LLC now owns 1,889,281 shares of the company’s stock valued at $135,594,000 after purchasing an additional 793,807 shares during the period. Dimensional Fund Advisors LP grew its holdings in Parsons by 2.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,682,586 shares of the company’s stock valued at $139,511,000 after purchasing an additional 45,922 shares during the period. Finally, Channing Capital Management LLC increased its position in Parsons by 20.3% in the second quarter. Channing Capital Management LLC now owns 1,277,286 shares of the company’s stock worth $91,671,000 after buying an additional 215,106 shares in the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Stock Performance

Shares of Parsons stock opened at $62.69 on Friday. Parsons has a 1 year low of $54.56 and a 1 year high of $97.91. The firm’s 50-day moving average is $76.52 and its 200 day moving average is $77.23. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 28.76, a PEG ratio of 3.24 and a beta of 0.65. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.67 and a quick ratio of 1.67.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, November 5th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.12. Parsons had a net margin of 3.69% and a return on equity of 11.98%. The business had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the previous year, the company earned $0.95 earnings per share. The business’s revenue for the quarter was down 10.4% compared to the same quarter last year. Sell-side analysts anticipate that Parsons will post 3.58 EPS for the current fiscal year.

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.