Parsons (NYSE:PSN) Stock Rating Upgraded by Zacks Research

Parsons (NYSE:PSN) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday, Zacks reports.

Several other brokerages have also issued reports on PSN. Jefferies Financial Group upgraded Parsons from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research note on Sunday, August 2nd. Truist Financial reissued a “buy” rating and issued a $60.00 price target (down from $75.00) on shares of Parsons in a report on Thursday, July 30th. UBS Group reduced their price target on shares of Parsons from $67.00 to $58.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Weiss Ratings cut shares of Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Finally, Robert W. Baird upgraded Parsons from a “neutral” rating to an “outperform” rating and raised their price target for the company from $48.00 to $57.00 in a research report on Friday, August 21st. Eleven 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.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $63.00.

Parsons Stock Up 0.6%

Shares of NYSE:PSN opened at $42.36 on Monday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.66 and a current ratio of 1.66. Parsons has a 52-week low of $36.26 and a 52-week high of $89.50. The business’s 50 day simple moving average is $45.83 and its two-hundred day simple moving average is $51.45. The firm has a market cap of $4.52 billion, a P/E ratio of 29.21, a PEG ratio of 3.19 and a beta of 0.72.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). Parsons had a return on equity of 8.10% and a net margin of 2.50%.The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the company earned $0.78 EPS. The company’s revenue was down .5% on a year-over-year basis. As a group, research analysts forecast that Parsons will post 2.29 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director George Ball purchased 20,000 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were purchased at an average cost 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.31% of the company’s stock.

Hedge Funds Weigh In On Parsons

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc lifted its stake in Parsons by 15.1% in the 2nd quarter. IFP Advisors Inc now owns 1,623 shares of the company’s stock valued at $85,000 after acquiring an additional 213 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in Parsons by 2.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,900 shares of the company’s stock worth $590,000 after buying an additional 300 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Parsons by 183.6% during the 2nd quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock worth $29,000 after buying an additional 358 shares during the last quarter. LVZ Inc. grew its holdings in shares of Parsons by 6.1% in the 1st quarter. LVZ Inc. now owns 7,419 shares of the company’s stock valued at $402,000 after acquiring an additional 427 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Parsons by 160.0% in the second quarter. GAMMA Investing LLC now owns 949 shares of the company’s stock valued at $50,000 after acquiring an additional 584 shares during the last quarter. Institutional investors own 98.02% of the company’s stock.

Parsons Company Profile

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.