Citigroup Cuts Parsons (NYSE:PSN) Price Target to $70.00

Parsons (NYSE:PSN) had its target price lowered by investment analysts at Citigroup from $88.00 to $70.00 in a research note issued to investors 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.

Several other equities analysts have also recently commented on the stock. Raymond James Financial cut shares of Parsons from a “strong-buy” rating to a “market perform” rating in a research report on Friday, December 5th. KeyCorp cut their price objective on Parsons from $80.00 to $73.00 and set an “overweight” rating on the stock in a research note on Thursday, February 12th. Robert W. Baird reduced their target price on Parsons from $100.00 to $82.00 and set an “outperform” rating on the stock in a report on Monday, December 8th. Jefferies Financial Group reiterated a “hold” rating on shares of Parsons in a research report on Thursday, January 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Parsons in a report on Friday, March 27th. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.25.

Parsons Stock Up 1.9%

Shares of NYSE:PSN traded up $1.07 during midday trading on Thursday, reaching $56.16. The company had a trading volume of 468,953 shares, compared to its average volume of 1,299,163. The stock has a market capitalization of $5.94 billion, a P/E ratio of 25.54, a PEG ratio of 1.69 and a beta of 0.68. The stock’s fifty day moving average price is $62.38 and its 200-day moving average price is $71.83. 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 has a one year low of $49.38 and a one year high of $89.50.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.06). The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.68 billion. Parsons had a net margin of 3.79% and a return on equity of 11.81%. The company’s revenue was down 7.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.78 earnings per share. Equities research analysts expect that Parsons will post 3.58 earnings per share for the current fiscal year.

Institutional Trading of Parsons

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hood River Capital Management LLC acquired a new position in Parsons during the 2nd quarter valued at about $11,153,000. Channing Capital Management LLC lifted its stake in shares of Parsons by 20.3% in the 2nd quarter. Channing Capital Management LLC now owns 1,277,286 shares of the company’s stock worth $91,671,000 after acquiring an additional 215,106 shares during the period. Savvy Advisors Inc. bought a new position in shares of Parsons in the third quarter valued at approximately $1,683,000. WINTON GROUP Ltd bought a new position in shares of Parsons in the third quarter valued at approximately $2,042,000. Finally, Retirement Systems of Alabama increased its stake in shares of Parsons by 63.3% during the third quarter. Retirement Systems of Alabama now owns 93,860 shares of the company’s stock valued at $7,783,000 after acquiring an additional 36,384 shares during the period. 98.02% of the stock is currently owned by institutional investors and hedge funds.

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.