Parsons (NYSE:PSN) Cut to Market Perform at Raymond James

Raymond James lowered shares of Parsons (NYSE:PSN) from an outperform rating to a market perform rating in a research report sent to investors on Thursday, MarketBeat.com reports.

Other analysts also recently issued research reports about the stock. TD Cowen raised shares of Parsons to a “strong-buy” rating in a report on Thursday, December 19th. KeyCorp boosted their price objective on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. The Goldman Sachs Group raised Parsons from a “neutral” rating to a “buy” rating and raised their target price for the company from $103.00 to $111.00 in a report on Thursday, December 12th. Robert W. Baird boosted their price target on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, Truist Financial reduced their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $108.88.

Parsons Price Performance

Shares of PSN opened at $92.30 on Thursday. The firm has a market capitalization of $9.80 billion, a PE ratio of 139.85, a PEG ratio of 1.72 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.55 and a quick ratio of 1.55. The company’s 50-day moving average is $99.32 and its 200-day moving average is $94.63. Parsons has a fifty-two week low of $61.40 and a fifty-two week high of $114.68.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.07. Parsons had a return on equity of 12.74% and a net margin of 1.21%. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Equities analysts forecast that Parsons will post 3.02 EPS for the current year.

Institutional Trading of Parsons

Large investors have recently bought and sold shares of the business. Maryland State Retirement & Pension System acquired a new stake in Parsons during the second quarter worth approximately $292,000. Commonwealth Equity Services LLC boosted its stake in Parsons by 14.8% during the second quarter. Commonwealth Equity Services LLC now owns 27,013 shares of the company’s stock worth $2,210,000 after acquiring an additional 3,491 shares in the last quarter. Versor Investments LP acquired a new stake in Parsons in the second quarter worth $360,000. Arizona State Retirement System raised its holdings in shares of Parsons by 15.6% during the second quarter. Arizona State Retirement System now owns 13,331 shares of the company’s stock valued at $1,091,000 after purchasing an additional 1,801 shares during the period. Finally, Los Angeles Capital Management LLC boosted its position in shares of Parsons by 586.0% during the 2nd quarter. Los Angeles Capital Management LLC now owns 82,014 shares of the company’s stock worth $6,710,000 after purchasing an additional 70,058 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Company Profile

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.