TD Cowen Cuts Parsons (NYSE:PSN) Price Target to $62.00

Parsons (NYSE:PSN) had its target price reduced by TD Cowen from $72.00 to $62.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

PSN has been the topic of several other reports. Citigroup reduced their price target on Parsons from $66.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Barclays lowered their price objective on Parsons from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Truist Financial restated a “buy” rating and set a $60.00 target price (down from $75.00) on shares of Parsons in a report on Thursday, July 30th. Zacks Research downgraded shares of Parsons from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 5th. Finally, Stifel Nicolaus decreased their price target on shares of Parsons from $79.00 to $66.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Eleven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Parsons Price Performance

Shares of NYSE PSN opened at $43.02 on Tuesday. Parsons has a 1 year low of $36.26 and a 1 year high of $89.50. The stock has a market capitalization of $4.59 billion, a P/E ratio of 29.67, a P/E/G ratio of 3.18 and a beta of 0.72. The company’s 50-day moving average is $45.85 and its 200 day moving average is $51.34. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.66 and a quick ratio of 1.66.

Parsons (NYSE:PSN) last issued its quarterly earnings data on Wednesday, July 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.76 by ($0.82). Parsons had a return on equity of 8.10% and a net margin of 2.50%.The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter last year, the business earned $0.78 earnings per share. The business’s quarterly revenue was down .5% on a year-over-year basis. On average, sell-side analysts expect that Parsons will post 2.29 earnings per share for the current year.

Insider Activity

In related news, Director George Ball purchased 20,000 shares of the stock in a transaction dated Friday, August 7th. The stock was purchased at an average price of $47.97 per share, with a total value of $959,400.00. Following the transaction, the director directly owned 170,383 shares in the company, valued at $8,173,272.51. This trade represents a 13.30% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Parsons

Several institutional investors have recently bought and sold shares of the company. IFP Advisors Inc boosted its holdings in Parsons by 15.1% in the second quarter. IFP Advisors Inc now owns 1,623 shares of the company’s stock worth $85,000 after purchasing an additional 213 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in Parsons by 2.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,900 shares of the company’s stock valued at $590,000 after buying an additional 300 shares during the last quarter. Versant Capital Management Inc raised its stake in Parsons by 183.6% during the 2nd quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock valued at $29,000 after buying an additional 358 shares during the last quarter. LVZ Inc. lifted its holdings in shares of Parsons by 6.1% during the 1st quarter. LVZ Inc. now owns 7,419 shares of the company’s stock valued at $402,000 after buying an additional 427 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Parsons by 51.5% during the 3rd quarter. GAMMA Investing LLC now owns 1,438 shares of the company’s stock valued at $59,000 after buying an additional 489 shares during the period. 98.02% of the stock is owned by hedge funds and other institutional investors.

About Parsons

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, infrastructure and defense contractor. The company provides solutions for government and commercial customers in areas including national security, intelligence, cybersecurity, space, missile defense, transportation, environmental remediation, water and energy.

Parsons organizes its operations around Federal Solutions and Critical Infrastructure. Its offerings include systems engineering, program management, software and technology development, cyber and intelligence services, engineering and construction management, infrastructure modernization, and environmental services.