Parsons (NYSE:PSN) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Parsons (NYSE:PSN) from a strong sell rating to a hold rating in a research report released on Monday,Zacks.com reports.

PSN has been the topic of a number of other research reports. KeyCorp cut shares of Parsons from an “overweight” rating to a “sector weight” rating in a report on Tuesday. Robert W. Baird reissued a “neutral” rating and set a $60.00 price objective on shares of Parsons in a report on Monday. Truist Financial reissued a “buy” rating and set a $85.00 price objective (down from $90.00) on shares of Parsons in a report on Thursday, February 12th. Stifel Nicolaus lowered their target price on shares of Parsons from $94.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, December 23rd. Finally, Bank of America lowered their target price on shares of Parsons from $95.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, December 30th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $79.42.

Parsons Stock Up 0.3%

PSN stock traded up $0.16 during midday trading on Monday, reaching $56.16. 56,933 shares of the company were exchanged, compared to its average volume of 1,245,551. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.75 and a current ratio of 1.75. Parsons has a 1-year low of $49.38 and a 1-year high of $89.50. The stock’s 50-day simple moving average is $59.83 and its 200 day simple moving average is $70.28. The company has a market cap of $5.94 billion, a price-to-earnings ratio of 25.56, a price-to-earnings-growth ratio of 1.75 and a beta of 0.73.

Parsons (NYSE:PSN) last released its quarterly earnings data on Wednesday, February 11th. The company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.06). Parsons had a return on equity of 11.81% and a net margin of 3.79%.The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the business posted $0.78 EPS. The firm’s revenue for the quarter was down 7.5% compared to the same quarter last year. On average, equities analysts forecast that Parsons will post 3.58 earnings per share for the current year.

Hedge Funds Weigh In On Parsons

A number of hedge funds and other institutional investors have recently bought and sold shares of PSN. Swedbank AB grew its position in Parsons by 654.7% in the 4th quarter. Swedbank AB now owns 1,052,541 shares of the company’s stock valued at $65,047,000 after buying an additional 913,079 shares during the last quarter. AQR Capital Management LLC grew its position in 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 buying an additional 639,481 shares during the last quarter. Brown Advisory Inc. grew its position in Parsons by 142.1% in the 4th quarter. Brown Advisory Inc. now owns 833,322 shares of the company’s stock valued at $51,499,000 after buying an additional 489,187 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in Parsons in the 3rd quarter valued at $38,880,000. Finally, Millennium Management LLC boosted its position in shares of Parsons by 973.5% during the 4th quarter. Millennium Management LLC now owns 513,630 shares of the company’s stock worth $31,742,000 after purchasing an additional 465,785 shares in the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

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.