Parsons Corporation (NYSE:PSN – Get Free Report) has earned an average recommendation of “Moderate Buy” from the sixteen research firms that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $64.08.
A number of equities research analysts recently commented on PSN shares. TD Cowen reiterated a “buy” rating on shares of Parsons in a research report on Monday. Stifel Nicolaus reduced their target price on shares of Parsons from $79.00 to $66.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Zacks Research lowered shares of Parsons from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 5th. Weiss Ratings lowered Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Finally, Citigroup dropped their target price on Parsons from $66.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, July 30th.
View Our Latest Stock Analysis on Parsons
Parsons Trading Down 0.7%
Parsons (NYSE:PSN – Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share (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 during the quarter, compared to analyst estimates of $1.61 billion. During the same period in the previous year, the company earned $0.78 earnings per share. Parsons’s revenue was down .5% on a year-over-year basis. On average, equities research analysts anticipate that Parsons will post 2.29 earnings per share for the current year.
Insider Buying and Selling at Parsons
In other news, Director George Ball bought 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was 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 approximately $8,173,272.51. This trade represents a 13.30% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.31% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC increased its holdings in Parsons by 11.2% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,469 shares of the company’s stock worth $339,000 after acquiring an additional 654 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Parsons during the second quarter worth about $72,000. IFP Advisors Inc raised its position in shares of Parsons by 15.1% during the 2nd 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. Baird Financial Group Inc. purchased a new position in Parsons in the 2nd quarter valued at about $207,000. Finally, Nykredit A S purchased a new stake in Parsons during the 2nd quarter worth approximately $87,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.
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.
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