Brokerages Set Parsons Corporation (NYSE:PSN) Target Price at $76.92

Parsons Corporation (NYSE:PSN) has earned a consensus rating of “Moderate Buy” from the fifteen research firms that are covering the firm, Marketbeat reports. Six research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $76.9167.

Several equities research analysts have recently commented on the company. KeyCorp downgraded Parsons from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 14th. Robert W. Baird reaffirmed a “neutral” rating and set a $60.00 target price on shares of Parsons in a report on Monday, April 13th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Parsons in a report on Sunday, May 3rd. BNP Paribas Exane set a $65.00 target price on Parsons and gave the company an “outperform” rating in a report on Wednesday, May 27th. Finally, Weiss Ratings downgraded Parsons from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th.

Parsons Trading Down 0.7%

Shares of NYSE PSN opened at $48.89 on Friday. Parsons has a 12 month low of $48.13 and a 12 month high of $89.50. The company has a market cap of $5.23 billion, a price-to-earnings ratio of 23.39, a P/E/G ratio of 1.57 and a beta of 0.64. 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 business has a fifty day simple moving average of $54.05 and a 200-day simple moving average of $59.87.

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

Insider Buying and Selling

In other Parsons news, CEO Carey A. Smith acquired 12,500 shares of Parsons stock in a transaction that occurred on Friday, May 8th. The stock was purchased at an average cost of $49.97 per share, with a total value of $624,625.00. Following the purchase, the chief executive officer owned 575,376 shares in the company, valued at approximately $28,751,538.72. The trade was a 2.22% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mark Keith Holdsworth acquired 10,000 shares of Parsons stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average cost of $51.27 per share, with a total value of $512,700.00. Following the completion of the purchase, the director 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. In the last ninety days, insiders acquired 32,500 shares of company stock valued at $1,637,325. Corporate insiders own 1.31% of the company’s stock.

Institutional Investors Weigh In On Parsons

Hedge funds have recently bought and sold shares of the business. Aster Capital Management DIFC Ltd purchased a new stake in Parsons in the 4th quarter worth about $25,000. Danske Bank A S purchased a new stake in Parsons in the 4th quarter worth about $31,000. Los Angeles Capital Management LLC purchased a new stake in Parsons in the 4th quarter worth about $32,000. ST Germain D J Co. Inc. purchased a new stake in Parsons in the 4th quarter worth about $41,000. Finally, Farther Finance Advisors LLC lifted its stake in Parsons by 613.2% in the 4th quarter. Farther Finance Advisors LLC now owns 756 shares of the company’s stock worth $47,000 after acquiring an additional 650 shares in the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

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.