Parsons (NYSE:PSN) Price Target Lowered to $75.00 at Truist Financial

Parsons (NYSE:PSN) had its target price reduced by research analysts at Truist Financial from $85.00 to $75.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 34.76% from the stock’s previous close.

PSN has been the topic of several other reports. Robert W. Baird restated a “neutral” rating and issued a $60.00 price objective on shares of Parsons in a report on Monday, April 13th. Barclays dropped their price target on shares of Parsons from $78.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Weiss Ratings restated a “hold (c)” rating on shares of Parsons in a report on Friday, March 27th. Zacks Research upgraded shares of Parsons from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Parsons in a research report on Thursday, January 15th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.58.

Parsons Price Performance

Shares of PSN stock opened at $55.65 on Monday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.75 and a quick ratio of 1.75. The company has a market capitalization of $5.89 billion, a PE ratio of 25.30, a price-to-earnings-growth ratio of 1.74 and a beta of 0.73. The firm’s 50-day moving average is $59.08 and its two-hundred day moving average is $69.70. Parsons has a 12 month low of $49.38 and a 12 month high of $89.50.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PSN. Mather Group LLC. purchased a new stake in Parsons during the 3rd quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Parsons during the fourth quarter worth $25,000. Danske Bank A S acquired a new stake in shares of Parsons in the fourth quarter valued at $31,000. Los Angeles Capital Management LLC acquired a new stake in shares of Parsons in the fourth quarter valued at $32,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Parsons in the third quarter valued at $40,000. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Company Profile

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.