Parsons Corporation (NYSE:PSN) Stock Has Average Target Price of $63.00 According to Brokerages

Shares of Parsons Corporation (NYSE:PSN) have earned a consensus recommendation of “Moderate Buy” from the sixteen analysts that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $63.00.

Several research analysts recently commented on PSN shares. Robert W. Baird upgraded shares of Parsons from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $48.00 to $57.00 in a research note on Friday, August 21st. Stifel Nicolaus lowered their target price 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. Barclays cut their price target on shares of Parsons from $70.00 to $60.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. Jefferies Financial Group raised shares of Parsons from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Sunday, August 2nd. Finally, Weiss Ratings downgraded Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th.

Parsons Stock Performance

Shares of Parsons stock opened at $49.01 on Friday. The company has a market capitalization of $5.24 billion, a PE ratio of 33.80, a P/E/G ratio of 4.13 and a beta of 0.72. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.66 and a current ratio of 1.66. The company has a 50-day simple moving average of $45.33 and a two-hundred day simple moving average of $50.66. Parsons has a one year low of $36.26 and a one year high of $88.00.

Parsons (NYSE:PSN) last released its quarterly earnings results 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 net margin of 2.50% and a return on equity of 8.10%. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same period in the previous year, the company posted $0.78 earnings per share. The business’s quarterly revenue was down .5% compared to the same quarter last year. Research analysts expect that Parsons will post 2.06 EPS for the current fiscal year.

Insider Buying and Selling at Parsons

In other Parsons news, Director George Ball bought 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were purchased at an average cost of $47.97 per share, for a total transaction of $959,400.00. Following the purchase, the director directly owned 170,383 shares in the company, valued at $8,173,272.51. This represents a 13.30% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PSN. Swedbank AB boosted its holdings in Parsons by 126.8% in the first quarter. Swedbank AB now owns 2,387,643 shares of the company’s stock worth $129,339,000 after acquiring an additional 1,335,102 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Parsons by 10.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company’s stock worth $102,494,000 after acquiring an additional 179,463 shares during the last quarter. Primecap Management Co. CA purchased a new stake in shares of Parsons during the second quarter worth about $89,697,000. Van ECK Associates Corp increased its holdings in shares of Parsons by 389.3% during the second quarter. Van ECK Associates Corp now owns 1,125,767 shares of the company’s stock valued at $58,979,000 after acquiring an additional 895,690 shares in the last quarter. Finally, Cooper Creek Partners Management LLC increased its holdings in shares of Parsons by 1,248.6% during the first quarter. Cooper Creek Partners Management LLC now owns 505,128 shares of the company’s stock valued at $27,363,000 after acquiring an additional 467,672 shares in the last quarter. 98.02% of the stock is owned by institutional investors and hedge funds.

About Parsons

Parsons Corporation (NYSE: PSN) is a technology-driven solutions provider serving government and commercial customers in the defense, intelligence, critical infrastructure and transportation markets. The company develops and integrates solutions for complex security, engineering and infrastructure challenges, combining software, systems engineering, cybersecurity, data analytics and program management capabilities.

Parsons operates through its Federal Solutions and Critical Infrastructure segments.