Raymond James Downgrades Parsons (NYSE:PSN) to Market Perform

Raymond James cut shares of Parsons (NYSE:PSN) from an outperform rating to a market perform rating in a research note released on Thursday, MarketBeat.com reports.

Other research analysts also recently issued research reports about the company. Truist Financial reduced their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. KeyCorp raised their price objective on shares of Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. The Goldman Sachs Group upgraded shares of Parsons from a “neutral” rating to a “buy” rating and boosted their target price for the company from $103.00 to $111.00 in a research note on Thursday, December 12th. Robert W. Baird increased their target price on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, TD Cowen raised Parsons to a “strong-buy” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Parsons presently has a consensus rating of “Buy” and an average target price of $108.88.

Parsons Stock Up 2.0 %

Parsons stock opened at $92.30 on Thursday. The firm has a market capitalization of $9.80 billion, a price-to-earnings ratio of 139.85, a price-to-earnings-growth ratio of 1.72 and a beta of 0.74. The firm’s fifty day moving average price is $99.32 and its two-hundred day moving average price is $94.63. Parsons has a 1-year low of $61.40 and a 1-year high of $114.68. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.07. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Parsons had a net margin of 1.21% and a return on equity of 12.74%. On average, equities research analysts predict that Parsons will post 3.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PSN. True Wealth Design LLC purchased a new stake in shares of Parsons in the 3rd quarter worth about $30,000. GAMMA Investing LLC increased its stake in shares of Parsons by 224.7% during the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock valued at $29,000 after purchasing an additional 218 shares in the last quarter. V Square Quantitative Management LLC bought a new position in shares of Parsons during the third quarter valued at approximately $33,000. Capital Performance Advisors LLP purchased a new position in shares of Parsons during the third quarter valued at approximately $45,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Parsons in the 3rd quarter worth approximately $72,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

About Parsons

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.