Parsons Corporation (NYSE:PSN) Stock Has Consensus Price Target of $63.00

Key Points

• Analysts maintain a “Moderate Buy” consensus on Parsons, with 11 buys, four holds and one sell among 16 covering firms. The average 12-month price target is $63, versus the reported share price of $47.77.
• Recent analyst actions were mixed but generally included lower price targets: UBS, Goldman Sachs and Citigroup cut targets, while Jefferies upgraded the stock to “buy”; Weiss Ratings downgraded it to “sell.”
• Parsons reported a quarterly loss of $0.06 per share, missing the $0.76 consensus estimate, while revenue declined 0.5% year over year to $1.59 billion. Director George Ball purchased 20,000 shares, and institutional investors own 98.02% of the stock.

Shares of Parsons Corporation (NYSE:PSN - Get Free Report) have received a consensus rating of "Moderate Buy" from the sixteen research firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $63.00.

A number of analysts recently commented on the company. UBS Group dropped their price objective on Parsons from $67.00 to $58.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. The Goldman Sachs Group reduced their target price on shares of Parsons from $69.00 to $60.00 and set a "neutral" rating on the stock in a report on Monday, August 3rd. Jefferies Financial Group raised shares of Parsons from a "hold" rating to a "buy" rating and set a $52.00 price target on the stock in a research note on Sunday, August 2nd. Citigroup decreased their price target on shares of Parsons from $66.00 to $53.00 and set a "buy" rating on the stock in a research note on Thursday, July 30th. Finally, Weiss Ratings lowered shares of Parsons from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, July 30th.

Insider Transactions 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 shares were purchased at an average price of $47.97 per share, for a total transaction of $959,400.00. Following the completion of the transaction, the director owned 170,383 shares in the company, valued at $8,173,272.51. The trade was a 13.30% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.31% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PSN. Swedbank AB boosted its holdings in shares of Parsons by 126.8% during the first quarter. Swedbank AB now owns 2,387,643 shares of the company's stock worth $129,339,000 after purchasing an additional 1,335,102 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Parsons by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company's stock valued at $102,494,000 after purchasing an additional 179,463 shares during the period. Primecap Management Co. CA acquired a new position in Parsons in the second quarter valued at $89,697,000. Van ECK Associates Corp increased its stake in Parsons by 389.3% in the second quarter. Van ECK Associates Corp now owns 1,125,767 shares of the company's stock valued at $58,979,000 after purchasing an additional 895,690 shares during the last quarter. 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. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Performance

Parsons stock opened at $47.77 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a fifty day moving average of $45.31 and a two-hundred day moving average of $50.71. The company has a market capitalization of $5.10 billion, a price-to-earnings ratio of 32.94, a PEG ratio of 3.82 and a beta of 0.72. Parsons has a fifty-two week low of $36.26 and a fifty-two week high of $88.00.

Parsons (NYSE:PSN - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of $0.76 by ($0.82). Parsons had a return on equity of 8.10% and a net margin of 2.50%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the firm earned $0.78 earnings per share. The business's revenue was down .5% compared to the same quarter last year. On average, analysts anticipate that Parsons will post 2.06 EPS for the current fiscal year.

About Parsons

Parsons Corporation NYSE: PSN is a technology-driven solutions provider serving government and commercial customers in the defense, intelligence, critical infrastructure and transportation markets. The company develops and integrates solutions for complex security, engineering and infrastructure challenges, combining software, systems engineering, cybersecurity, data analytics and program management capabilities.

Parsons operates through its Federal Solutions and Critical Infrastructure segments.

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