Parsons (NYSE:PSN) Sets New 1-Year Low – Here’s Why

Parsons Corporation (NYSE:PSN)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $49.28 and last traded at $49.5350, with a volume of 143112 shares changing hands. The stock had previously closed at $50.02.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PSN shares. Citigroup decreased their target price on Parsons from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Truist Financial cut their price target on shares of Parsons from $85.00 to $75.00 and set a “buy” rating for the company in a report on Monday, April 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Parsons in a report on Friday, March 27th. Robert W. Baird reiterated a “neutral” rating and issued a $60.00 target price on shares of Parsons in a research report on Monday, April 13th. Finally, UBS Group cut their target price on shares of Parsons from $104.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Nine 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, the stock presently has an average rating of “Moderate Buy” and an average target price of $78.17.

Parsons Price Performance

The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $5.48 billion, a PE ratio of 24.53, a PEG ratio of 1.64 and a beta of 0.60. The company has a 50-day moving average of $56.09 and a 200 day moving average of $66.81.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.09. Parsons had a return on equity of 11.52% and a net margin of 3.62%.The company had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the firm posted $0.60 EPS. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. Sell-side analysts predict that Parsons Corporation will post 2.94 EPS for the current year.

Hedge Funds Weigh In On Parsons

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Parsons by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,077,310 shares of the company’s stock valued at $421,011,000 after acquiring an additional 130,694 shares during the last quarter. Artisan Partners Limited Partnership grew its position in shares of Parsons by 6.2% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,477,159 shares of the company’s stock valued at $153,088,000 after purchasing an additional 145,238 shares in the last quarter. Swedbank AB grew its position in shares of Parsons by 126.8% in the first quarter. Swedbank AB now owns 2,387,643 shares of the company’s stock valued at $129,339,000 after purchasing an additional 1,335,102 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Parsons by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company’s stock valued at $102,494,000 after purchasing an additional 179,463 shares during the last quarter. Finally, Channing Capital Management LLC increased its holdings in shares of Parsons by 16.8% in the fourth quarter. Channing Capital Management LLC now owns 1,484,039 shares of the company’s stock valued at $91,714,000 after purchasing an additional 213,312 shares during the last quarter. 98.02% of the stock is currently 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.