Brokerages Set Parsons Corporation (NYSE:PSN) Price Target at $84.92

Parsons Corporation (NYSE:PSN) has been given an average rating of “Moderate Buy” by the sixteen brokerages that are presently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $85.5385.

PSN has been the topic of several recent analyst reports. UBS Group dropped their price target on Parsons from $107.00 to $104.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Truist Financial cut their target price on shares of Parsons from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, December 5th. Raymond James Financial downgraded shares of Parsons from a “strong-buy” rating to a “market perform” rating in a report on Friday, December 5th. KeyCorp boosted their price objective on shares of Parsons from $76.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. Finally, Robert W. Baird reduced their target price on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating for the company in a research note on Monday, December 8th.

Institutional Investors Weigh In On Parsons

Institutional investors and hedge funds have recently bought and sold shares of the business. William Blair Investment Management LLC increased its stake in Parsons by 72.5% in 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 acquiring an additional 793,807 shares during the period. AQR Capital Management LLC boosted its holdings in Parsons by 151.5% during the second quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock valued at $75,173,000 after purchasing an additional 639,481 shares in the last quarter. Cooper Creek Partners Management LLC bought a new stake in shares of Parsons in the 2nd quarter valued at approximately $45,653,000. Norges Bank bought a new position in shares of Parsons during the 2nd quarter worth approximately $37,131,000. Finally, Alyeska Investment Group L.P. acquired a new stake in Parsons in the 3rd quarter valued at $38,880,000. Institutional investors own 98.02% of the company’s stock.

Parsons Stock Performance

NYSE:PSN opened at $72.73 on Wednesday. The firm has a market capitalization of $7.74 billion, a PE ratio of 33.36, a PEG ratio of 4.07 and a beta of 0.67. Parsons has a 1 year low of $54.56 and a 1 year high of $89.50. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.46. The firm’s fifty day simple moving average is $70.73 and its 200 day simple moving average is $76.89.

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