Barclays Has Lowered Expectations for Parsons (NYSE:PSN) Stock Price

Parsons (NYSE:PSN) had its price objective decreased by Barclays from $78.00 to $70.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 31.13% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Zacks Research cut Parsons from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 18th. Stifel Nicolaus dropped their price objective on Parsons from $94.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, December 23rd. KeyCorp cut their target price on Parsons from $80.00 to $73.00 and set an “overweight” rating for the company in a research report on Thursday, February 12th. Robert W. Baird decreased their price target on Parsons from $100.00 to $82.00 and set an “outperform” rating on the stock in a research report on Monday, December 8th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Parsons in a research note on Friday. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Parsons currently has an average rating of “Moderate Buy” and a consensus price target of $82.75.

Parsons Stock Performance

NYSE:PSN traded up $1.17 during mid-day trading on Tuesday, reaching $53.38. 279,282 shares of the company’s stock were exchanged, compared to its average volume of 1,294,932. Parsons has a one year low of $49.38 and a one year high of $89.50. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.75 and a current ratio of 1.75. The business’s fifty day simple moving average is $63.08 and its two-hundred day simple moving average is $72.11. The firm has a market capitalization of $5.65 billion, a PE ratio of 24.27, a price-to-earnings-growth ratio of 1.64 and a beta of 0.68.

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

Hedge Funds Weigh In On Parsons

Several hedge funds and other institutional investors have recently modified their holdings of PSN. Hsbc Holdings PLC acquired a new position in shares of Parsons during the fourth quarter worth $1,853,000. Sunbelt Securities Inc. boosted its holdings in shares of Parsons by 102,844.4% during the 4th quarter. Sunbelt Securities Inc. now owns 37,060 shares of the company’s stock valued at $2,290,000 after acquiring an additional 37,024 shares in the last quarter. Alberta Investment Management Corp bought a new stake in Parsons during the 4th quarter worth $1,001,000. EP Wealth Advisors LLC bought a new stake in Parsons during the 4th quarter worth $650,000. Finally, Empowered Funds LLC acquired a new position in Parsons in the 4th quarter worth about $469,000. 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.