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

Parsons (NYSE:PSN) had its price objective trimmed by Barclays from $78.00 to $70.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

PSN has been the topic of a number of other reports. Raymond James Financial cut Parsons from a “strong-buy” rating to a “market perform” rating in a research note on Friday, December 5th. UBS Group lowered their price target on Parsons from $104.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. Robert W. Baird dropped their price target on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating on the stock in a research note on Monday, December 8th. Truist Financial restated a “buy” rating and set a $85.00 price objective (down from $90.00) on shares of Parsons in a research note on Thursday, February 12th. Finally, TD Cowen raised shares of Parsons from a “hold” rating to a “buy” rating and decreased their target price for the stock from $90.00 to $75.00 in a report on Wednesday, December 10th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $81.25.

Parsons Price Performance

PSN stock opened at $56.30 on Tuesday. The firm has a 50 day moving average price of $62.06 and a 200-day moving average price of $71.72. Parsons has a 52-week low of $49.38 and a 52-week high of $89.50. The firm has a market capitalization of $5.96 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 1.72 and a beta of 0.73. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.75 and a current ratio of 1.75.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Hood River Capital Management LLC bought a new position in Parsons during the 2nd quarter valued at about $11,153,000. Channing Capital Management LLC boosted its holdings in shares of Parsons by 20.3% during the 2nd quarter. Channing Capital Management LLC now owns 1,277,286 shares of the company’s stock valued at $91,671,000 after acquiring an additional 215,106 shares during the last quarter. Savvy Advisors Inc. bought a new stake in shares of Parsons in the third quarter worth approximately $1,683,000. WINTON GROUP Ltd bought a new stake in shares of Parsons in the third quarter worth approximately $2,042,000. Finally, Retirement Systems of Alabama raised its holdings 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 purchasing an additional 36,384 shares during the last quarter. 98.02% of the stock is owned by institutional investors.

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.