Parsons (NYSE:PSN) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Parsons from a "strong sell" to a "hold," signaling a modest improvement in analyst sentiment toward the stock.
• Parsons missed quarterly estimates, reporting $0.75 EPS vs. $0.81 expected and $1.60B revenue vs. $1.68B expected, with revenue down 7.5% year-over-year.
• Shares trade around $55.99 (market cap $5.93B) with a P/E of 25.45 and a consensus rating of Moderate Buy and a consensus target of $79.42, implying notable upside from current levels.

Parsons (NYSE:PSN - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Monday,Zacks.com reports.

PSN has been the subject of several other research reports. Truist Financial restated a "buy" rating and issued a $85.00 price target (down from $90.00) on shares of Parsons in a report on Thursday, February 12th. Robert W. Baird restated a "neutral" rating and issued a $60.00 price target on shares of Parsons in a report on Monday. Barclays lowered their price target on Parsons from $78.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. UBS Group lowered their price target on Parsons from $104.00 to $95.00 and set a "buy" rating for the company in a report on Thursday, February 12th. Finally, Citigroup lowered their price target on Parsons from $88.00 to $70.00 and set a "buy" rating for the company in a report on Thursday, April 2nd. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Parsons currently has a consensus rating of "Moderate Buy" and a consensus target price of $79.42.

Parsons Trading Down 0.2%

Parsons stock opened at $55.99 on Monday. The stock has a market cap of $5.93 billion, a PE ratio of 25.45, a P/E/G ratio of 1.75 and a beta of 0.73. The stock has a 50-day moving average price of $59.83 and a 200 day moving average price of $70.28. Parsons has a 52 week low of $49.38 and a 52 week high of $89.50. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.45.

Parsons (NYSE:PSN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $0.75 EPS for the quarter, missing analysts' consensus estimates of $0.81 by ($0.06). The company had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.68 billion. Parsons had a return on equity of 11.81% and a net margin of 3.79%.The company's revenue for the quarter was down 7.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.78 EPS. Equities research analysts predict that Parsons will post 3.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Parsons

Hedge funds and other institutional investors have recently modified their holdings of the company. Mather Group LLC. acquired a new position in shares of Parsons in the 3rd quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Parsons in the 4th quarter valued at about $25,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Parsons in the 3rd quarter valued at about $40,000. Danske Bank A S acquired a new position in shares of Parsons in the 4th quarter valued at about $31,000. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Parsons in the 4th quarter valued at about $32,000. 98.02% of the stock is owned by institutional investors and hedge funds.

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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