Parsons (NYSE:PSN) Downgraded by Zacks Research to “Strong Sell”

Zacks Research lowered shares of Parsons (NYSE:PSN) from a hold rating to a strong sell rating in a research note published on Wednesday morning,Zacks.com reports.

A number of other research analysts have also commented on PSN. The Goldman Sachs Group lowered their price target on Parsons from $69.00 to $60.00 and set a “neutral” rating on the stock in a report on Monday. Truist Financial reaffirmed a “buy” rating and issued a $60.00 price objective (down from $75.00) on shares of Parsons in a report on Thursday, July 30th. Citigroup decreased their target price on shares of Parsons from $66.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Stifel Nicolaus lowered their target price on shares of Parsons from $79.00 to $66.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Finally, William Blair restated an “outperform” rating on shares of Parsons in a research report on Wednesday, July 29th. Ten equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $64.33.

Parsons Stock Up 0.3%

PSN opened at $47.92 on Wednesday. Parsons has a 12 month low of $36.26 and a 12 month high of $89.50. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.66 and a quick ratio of 1.66. The stock has a market cap of $5.12 billion, a P/E ratio of 33.05, a P/E/G ratio of 3.30 and a beta of 0.68. The stock’s 50 day moving average price is $54.41 and its 200 day moving average price is $57.37.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.82). Parsons had a net margin of 2.50% and a return on equity of 8.10%. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the previous year, the firm earned $0.78 EPS. The firm’s revenue was down .5% on a year-over-year basis. As a group, research analysts predict that Parsons will post 2.51 earnings per share for the current year.

Insider Buying and Selling at Parsons

In other news, Director George L. Ball purchased 10,000 shares of the stock in a transaction dated 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 transaction, the director owned 150,383 shares in the company, valued at $7,519,150. This trade represents a 7.12% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark Keith Holdsworth acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average cost of $51.27 per share, for a total transaction of $512,700.00. Following the purchase, the director directly owned 39,918 shares in the company, valued at approximately $2,046,595.86. This represents a 33.42% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 1.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Parsons

Several large investors have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd bought a new stake in shares of Parsons in the 4th quarter worth approximately $25,000. Danske Bank A S bought a new stake in Parsons during the fourth quarter worth approximately $31,000. Los Angeles Capital Management LLC bought a new position in shares of Parsons in the fourth quarter valued at $32,000. Versant Capital Management Inc lifted its position in shares of Parsons by 183.6% during the 2nd quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock valued at $29,000 after acquiring an additional 358 shares during the last quarter. Finally, ST Germain D J Co. Inc. acquired a new stake in shares of Parsons during the 4th quarter valued at $41,000. Institutional investors own 98.02% of the company’s stock.

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.