Parsons (NYSE:PSN) Lowered to Outperform at Raymond James

Raymond James lowered shares of Parsons (NYSE:PSN) from a strong-buy rating to an outperform rating in a report issued on Wednesday, MarketBeat.com reports. The brokerage currently has $115.00 price target on the stock.

A number of other equities research analysts have also recently commented on the company. KeyCorp increased their target price on Parsons from $99.00 to $116.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Truist Financial reissued a “buy” rating and set a $108.00 price objective (up from $100.00) on shares of Parsons in a research report on Thursday, August 1st. Robert W. Baird lifted their target price on shares of Parsons from $89.00 to $103.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Stifel Nicolaus upped their target price on shares of Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a research note on Tuesday, June 25th. Finally, Benchmark raised their price target on shares of Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $99.00.

Parsons Stock Performance

Shares of PSN stock opened at $104.21 on Wednesday. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.54. The company’s fifty day moving average price is $100.56 and its 200-day moving average price is $87.09. The stock has a market cap of $15.29 billion, a PE ratio of 578.94, a price-to-earnings-growth ratio of 2.32 and a beta of 0.80. Parsons has a 12 month low of $55.22 and a 12 month high of $109.55.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.59 by $0.18. Parsons had a net margin of 0.89% and a return on equity of 12.09%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.53 billion. On average, equities analysts expect that Parsons will post 2.88 EPS for the current fiscal year.

Institutional Investors Weigh In On Parsons

A number of hedge funds have recently added to or reduced their stakes in the stock. Sunburst Financial Group LLC bought a new stake in shares of Parsons in the first quarter worth $499,000. Hennessy Advisors Inc. grew its stake in shares of Parsons by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 437,900 shares of the company’s stock valued at $36,324,000 after purchasing an additional 54,200 shares during the period. Seaside Wealth Management Inc. purchased a new stake in shares of Parsons during the 1st quarter valued at about $1,240,000. AlphaMark Advisors LLC bought a new position in shares of Parsons in the 1st quarter worth approximately $403,000. Finally, Benjamin F. Edwards & Company Inc. bought a new position in shares of Parsons in the 1st quarter worth approximately $181,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Company Profile

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.