Parsons Corporation (NYSE:PSN) Stock Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• Parsons has a consensus “Moderate Buy” rating from 16 analysts, with 11 buys, three holds, and two sells. The average 12-month price target is $64.08, above the reported share price of $43.13.
• The company’s latest quarterly results missed expectations, posting a loss of $0.06 per share versus the $0.76 consensus estimate, while revenue of $1.59 billion was slightly below forecasts and fell 0.5% year over year.
• Parsons’ stock has declined substantially from its 12-month high of $89.50, though insider George Ball purchased 20,000 shares and institutional investors continue to own a sizable 98.02% stake.

Parsons Corporation (NYSE:PSN - Get Free Report) has received a consensus rating of "Moderate Buy" from the sixteen ratings firms that are currently covering the firm, Marketbeat reports. Two 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 target price among brokers that have issued a report on the stock in the last year is $64.08.

PSN has been the topic of a number of recent research reports. Zacks Research downgraded Parsons from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 5th. Citigroup reduced their price target on Parsons from $66.00 to $53.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. Truist Financial reissued a "buy" rating and issued a $60.00 target price (down from $75.00) on shares of Parsons in a research note on Thursday, July 30th. Robert W. Baird raised shares of Parsons from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $48.00 to $57.00 in a research report on Friday, August 21st. Finally, Jefferies Financial Group upgraded shares of Parsons from a "hold" rating to a "buy" rating and set a $52.00 price target for the company in a research note on Sunday, August 2nd.

Parsons Stock Performance

Shares of PSN opened at $43.13 on Monday. The stock has a market capitalization of $4.61 billion, a price-to-earnings ratio of 29.75, a PEG ratio of 3.26 and a beta of 0.71. Parsons has a 12 month low of $36.26 and a 12 month high of $89.50. The firm has a fifty day simple moving average of $48.15 and a 200 day simple moving average of $52.14. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.54.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly 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 business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the previous year, the firm posted $0.78 earnings per share. The firm's quarterly revenue was down .5% on a year-over-year basis. Research analysts forecast that Parsons will post 2.29 EPS for the current fiscal year.

Insider Activity

In other news, Director George Ball bought 20,000 shares of the company's stock in a transaction dated Friday, August 7th. The shares were bought at an average cost of $47.97 per share, with a total value of $959,400.00. Following the acquisition, the director owned 170,383 shares in the company, valued at $8,173,272.51. This trade represents a 13.30% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.31% of the company's stock.

Hedge Funds Weigh In On Parsons

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. IFP Advisors Inc boosted its holdings in shares of Parsons by 15.1% during the second quarter. IFP Advisors Inc now owns 1,623 shares of the company's stock worth $85,000 after acquiring an additional 213 shares during the period. Oregon Public Employees Retirement Fund grew its position in shares of Parsons by 2.8% in the first quarter. Oregon Public Employees Retirement Fund now owns 10,900 shares of the company's stock valued at $590,000 after purchasing an additional 300 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of Parsons by 183.6% during the second quarter. Versant Capital Management Inc now owns 553 shares of the company's stock worth $29,000 after purchasing an additional 358 shares during the period. LVZ Inc. increased its stake in shares of Parsons by 6.1% during the first quarter. LVZ Inc. now owns 7,419 shares of the company's stock worth $402,000 after purchasing an additional 427 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Parsons by 160.0% during the 2nd quarter. GAMMA Investing LLC now owns 949 shares of the company's stock worth $50,000 after purchasing an additional 584 shares during the last quarter. Institutional investors own 98.02% of the company's stock.

Parsons Company Profile

Parsons Corporation NYSE: PSN is a technology and engineering company that provides solutions for critical infrastructure and national security. Its services include engineering, program management, technical consulting, cybersecurity, software development, and mission support for government and commercial customers.

The company operates through its Federal Solutions and Critical Infrastructure segments. Federal Solutions supports defense, intelligence, space, missile defense, and homeland security missions, while Critical Infrastructure provides services for transportation, environmental remediation, water and energy systems, and other complex infrastructure programs.

Founded in 1944 by engineer Ralph M.

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