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

Key Points

• Parsons Corporation has a consensus analyst rating of “Moderate Buy,” based on coverage from 15 brokerages: nine rate it a buy and six rate it a hold. The average 12-month price target is about $78.17.
• The company recently reported Q1 earnings of $0.79 per share, beating estimates of $0.70, while revenue came in at $1.49 billion versus expectations of $1.50 billion. Revenue was down 4.1% year over year, but EPS improved from $0.60 a year ago.
• Insiders have been buying shares, including CEO Carey A. Smith and Director Mark Keith Holdsworth, with total insider purchases of 32,500 shares worth $1.64 million over the last 90 days. Hedge funds and other institutional investors also hold a large majority of the stock, at 98.02%.

Shares of Parsons Corporation (NYSE:PSN - Get Free Report) have earned an average recommendation of "Moderate Buy" from the fifteen research firms that are presently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $78.1667.

A number of analysts have recently issued reports on the stock. Zacks Research upgraded shares of Parsons from a "strong sell" rating to a "hold" rating in a report on Monday, April 13th. Citigroup cut their price target on shares of Parsons from $70.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, April 30th. Truist Financial cut their price target on shares of Parsons from $85.00 to $75.00 and set a "buy" rating for the company in a report on Monday, April 20th. Jefferies Financial Group restated a "hold" rating on shares of Parsons in a report on Sunday, May 3rd. Finally, Robert W. Baird restated a "neutral" rating and set a $60.00 price target on shares of Parsons in a report on Monday, April 13th.

Parsons Stock Up 0.1%

Shares of NYSE PSN opened at $53.78 on Tuesday. The company has a 50 day simple moving average of $53.09 and a 200-day simple moving average of $64.13. The company has a market capitalization of $5.75 billion, a P/E ratio of 25.73, a P/E/G ratio of 1.71 and a beta of 0.60. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.75 and a quick ratio of 1.75. Parsons has a 1 year low of $48.23 and a 1 year high of $89.50.

Parsons (NYSE:PSN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.09. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.50 billion. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The business's revenue was down 4.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 EPS. On average, equities research analysts predict that Parsons will post 2.94 earnings per share for the current year.

Insider Transactions at Parsons

In related news, CEO Carey A. Smith acquired 12,500 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was purchased at an average price of $49.97 per share, with a total value of $624,625.00. Following the transaction, the chief executive officer owned 575,376 shares of the company's stock, valued at approximately $28,751,538.72. This trade represents a 2.22% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mark Keith Holdsworth acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average cost of $51.27 per share, with a total value of $512,700.00. Following the transaction, the director directly owned 39,918 shares in the company, valued at $2,046,595.86. This trade represents a 33.42% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought 32,500 shares of company stock worth $1,637,325 in the last 90 days. Insiders own 1.31% of the company's stock.

Hedge Funds Weigh In On Parsons

A number of hedge funds have recently made changes to their positions in PSN. NewEdge Advisors LLC boosted its position in shares of Parsons by 38.0% during the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company's stock worth $57,000 after purchasing an additional 264 shares during the period. Jones Financial Companies Lllp boosted its position in shares of Parsons by 433.9% during the 1st quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company's stock worth $75,000 after purchasing an additional 1,024 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Parsons during the 2nd quarter worth approximately $228,000. Prudential Financial Inc. boosted its position in shares of Parsons by 40.9% during the 2nd quarter. Prudential Financial Inc. now owns 5,945 shares of the company's stock worth $427,000 after purchasing an additional 1,725 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Parsons by 176.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company's stock worth $59,000 after purchasing an additional 528 shares during the period. Hedge funds and other institutional investors own 98.02% of the company's stock.

About Parsons

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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