Parsons (NYSE:PSN) Rating Increased to Buy at TD Cowen

Parsons (NYSE:PSN) was upgraded by analysts at TD Cowen from a “hold” rating to a “buy” rating in a research note issued on Wednesday,Benzinga reports. The firm currently has a $75.00 price objective on the stock, down from their prior price objective of $90.00. TD Cowen’s price objective indicates a potential upside of 14.96% from the stock’s previous close.

A number of other brokerages have also commented on PSN. Weiss Ratings reissued a “hold (c+)” rating on shares of Parsons in a report on Wednesday, October 8th. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 20th. KeyCorp dropped their price target on Parsons from $93.00 to $81.00 and set an “overweight” rating for the company in a research note on Monday. Truist Financial cut their price objective on Parsons from $100.00 to $90.00 and set a “buy” rating for the company in a report on Friday, December 5th. Finally, Raymond James Financial lowered Parsons from a “strong-buy” rating to a “market perform” rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $86.45.

Parsons Stock Performance

Shares of PSN opened at $65.24 on Wednesday. Parsons has a 12-month low of $54.56 and a 12-month high of $99.04. 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 company has a market cap of $6.95 billion, a PE ratio of 29.93, a price-to-earnings-growth ratio of 3.27 and a beta of 0.65. The stock has a 50-day moving average price of $83.10 and a 200-day moving average price of $77.72.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.86 earnings per share 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 company had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the prior year, the business earned $0.95 earnings per share. Parsons’s revenue for the quarter was down 10.4% compared to the same quarter last year. As a group, equities analysts forecast that Parsons will post 3.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PSN. Mather Group LLC. purchased a new position in shares of Parsons in the third quarter worth $25,000. Banque Transatlantique SA bought a new position in shares of Parsons during the first quarter valued at about $34,000. True Wealth Design LLC boosted its holdings in shares of Parsons by 63.9% during the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock worth $35,000 after purchasing an additional 189 shares during the period. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Parsons in the third quarter worth about $40,000. Finally, NewEdge Advisors LLC increased its holdings in Parsons by 38.0% during the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after purchasing an additional 264 shares during the period. Institutional investors own 98.02% of the company’s stock.

Parsons Company Profile

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.