Parsons Corporation (NYSE:PSN) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on Parsons, with 10 buy, four hold and two sell ratings. The average 12-month price target is $64.33, above the reported share price of $47.57.
• Parsons reported a quarterly loss of $0.06 per share, missing the $0.76 consensus estimate, while revenue of $1.59 billion was slightly below expectations and declined 0.5% year over year.
• Insiders recently purchased shares, and institutional ownership remains high at 98.02%; several hedge funds and investment managers significantly increased their positions.

Parsons Corporation (NYSE:PSN - Get Free Report) has been given an average recommendation of "Moderate Buy" by the sixteen analysts that are covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $64.3333.

A number of equities research analysts recently commented on PSN shares. TD Cowen reiterated a "buy" rating on shares of Parsons in a report on Wednesday, July 29th. Weiss Ratings cut Parsons from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday, July 30th. BNP Paribas Exane set a $65.00 target price on Parsons and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Jefferies Financial Group raised 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. Finally, Stifel Nicolaus cut their price target on shares of Parsons from $79.00 to $66.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th.

Insider Buying and Selling

In other news, Director George L. Ball bought 10,000 shares of the business's stock in a transaction on Wednesday, May 13th. The shares were bought at an average cost of $50.00 per share, for a total transaction of $500,000.00. Following the completion of the acquisition, the director owned 150,383 shares in the company, valued at approximately $7,519,150. This trade represents a 7.12% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark Keith Holdsworth purchased 10,000 shares of Parsons stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average cost of $51.27 per share, for a total transaction of $512,700.00. Following the completion of the transaction, the director owned 39,918 shares of the company's stock, valued at approximately $2,046,595.86. This represents a 33.42% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 1.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Parsons

Institutional investors and hedge funds have recently made changes to their positions in the company. Swedbank AB lifted its holdings in shares of Parsons by 126.8% during the 1st 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 in the last quarter. AQR Capital Management LLC grew its position in shares of Parsons by 151.5% in the 2nd quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company's stock valued at $75,173,000 after purchasing an additional 639,481 shares during the period. Brown Advisory Inc. increased its stake in Parsons by 142.1% during the 4th quarter. Brown Advisory Inc. now owns 833,322 shares of the company's stock worth $51,499,000 after purchasing an additional 489,187 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in Parsons during the 3rd quarter worth approximately $38,880,000. Finally, Cooper Creek Partners Management LLC raised its holdings in Parsons by 1,248.6% during the 1st 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 Price Performance

PSN opened at $47.57 on Friday. The company has a fifty day moving average price of $54.18 and a two-hundred day moving average price of $57.30. The firm has a market capitalization of $5.08 billion, a PE ratio of 32.81, a P/E/G ratio of 3.60 and a beta of 0.68. Parsons has a 52 week low of $36.26 and a 52 week high of $89.50. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.66 and a current ratio of 1.66.

Parsons (NYSE:PSN - Get Free Report) last posted 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 net margin of 2.50% and a return on equity of 8.10%. 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 company earned $0.78 EPS. The business's revenue for the quarter was down .5% compared to the same quarter last year. As a group, analysts anticipate that Parsons will post 2.29 earnings per share for the current year.

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.

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