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

Parsons (NYSE:PSN) had its price objective reduced by Citigroup from $88.00 to $70.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

PSN has been the subject of a number of other research reports. Truist Financial reiterated a “buy” rating and issued a $85.00 target price (down from $90.00) on shares of Parsons in a research report on Thursday, February 12th. Weiss Ratings restated a “hold (c)” rating on shares of Parsons in a report on Friday, March 27th. Zacks Research downgraded shares of Parsons from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 18th. Bank of America cut their price objective on Parsons from $95.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, December 30th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Parsons in a research report on Thursday, January 15th. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $81.25.

Parsons Stock Down 0.0%

Shares of Parsons stock opened at $56.30 on Thursday. Parsons has a 1 year low of $49.38 and a 1 year high of $89.50. The company has a market cap of $5.96 billion, a P/E ratio of 25.59, a P/E/G ratio of 1.76 and a beta of 0.73. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.45. The stock has a 50-day moving average price of $61.73 and a 200 day moving average price of $71.56.

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

Institutional Trading of Parsons

Several large investors have recently added to or reduced their stakes in the business. Mather Group LLC. bought a new position in shares of Parsons during the 3rd quarter valued at $25,000. Aster Capital Management DIFC Ltd bought a new stake in Parsons in the fourth quarter worth $25,000. Danske Bank A S acquired a new position in Parsons during the fourth quarter worth $31,000. Los Angeles Capital Management LLC acquired a new position in Parsons during the fourth quarter worth $32,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Parsons during the third quarter valued at about $40,000. 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.