Parsons (NYSE:PSN – Get Free Report) had its target price lowered by analysts at TD Cowen from $72.00 to $62.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective points to a potential upside of 47.63% from the stock’s previous close.
Several other brokerages have also recently issued reports on PSN. UBS Group reduced their price objective on Parsons from $67.00 to $58.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Weiss Ratings cut Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. Barclays cut their price target on Parsons from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. 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 report on Friday, August 21st. Finally, William Blair reissued an “outperform” rating on shares of Parsons in a research note on Wednesday, July 29th. Eleven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Parsons presently has an average rating of “Moderate Buy” and a consensus price target of $63.00.
Get Our Latest Stock Report on Parsons
Parsons Trading Down 0.2%
Parsons (NYSE:PSN – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.61 billion. Parsons had a net margin of 2.50% and a return on equity of 8.10%. Parsons’s revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.78 earnings per share. On average, research analysts predict that Parsons will post 2.29 earnings per share for the current fiscal year.
Insider Activity
In other news, Director George Ball purchased 20,000 shares of the stock in a transaction dated Friday, August 7th. The stock was acquired at an average cost of $47.97 per share, for a total transaction of $959,400.00. Following the completion of the acquisition, the director directly owned 170,383 shares in the company, valued at $8,173,272.51. This represents a 13.30% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.31% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Parsons
A number of institutional investors have recently modified their holdings of the company. Primecap Management Co. CA acquired a new stake in shares of Parsons during the second quarter worth $89,697,000. Swedbank AB increased its stake in Parsons by 126.8% in the first quarter. Swedbank AB now owns 2,387,643 shares of the company’s stock valued at $129,339,000 after purchasing an additional 1,335,102 shares during the last quarter. Van ECK Associates Corp lifted its position in Parsons by 389.3% during the second quarter. Van ECK Associates Corp now owns 1,125,767 shares of the company’s stock worth $58,979,000 after buying an additional 895,690 shares during the period. Brown Advisory Inc. lifted its position in Parsons by 142.1% during the fourth quarter. Brown Advisory Inc. now owns 833,322 shares of the company’s stock worth $51,499,000 after buying an additional 489,187 shares during the period. Finally, Cooper Creek Partners Management LLC lifted its position in Parsons by 1,248.6% during the first quarter. Cooper Creek Partners Management LLC now owns 505,128 shares of the company’s stock worth $27,363,000 after buying an additional 467,672 shares during the period. 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, 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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