KeyCorp Lowers Parsons (NYSE:PSN) Price Target to $102.00

Parsons (NYSE:PSN) had its price target dropped by equities researchers at KeyCorp from $122.00 to $102.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s target price would suggest a potential upside of 11.24% from the stock’s previous close.

A number of other brokerages have also recently weighed in on PSN. Raymond James cut Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Robert W. Baird boosted their target price on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Truist Financial decreased their target price on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. The Goldman Sachs Group raised shares of Parsons from a “neutral” rating to a “buy” rating and lifted their price target for the company from $103.00 to $111.00 in a research report on Thursday, December 12th. Finally, TD Cowen decreased their price objective on shares of Parsons from $117.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $108.25.

Parsons Trading Up 1.3 %

NYSE:PSN opened at $91.69 on Wednesday. The company has a market capitalization of $9.74 billion, a P/E ratio of 138.93, a P/E/G ratio of 1.72 and a beta of 0.74. The stock’s 50 day moving average price is $98.08 and its 200 day moving average price is $95.00. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. Parsons has a 52 week low of $62.13 and a 52 week high of $114.68.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.73 by $0.07. Parsons had a net margin of 1.21% and a return on equity of 12.74%. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.63 billion. On average, research analysts forecast that Parsons will post 3.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Parsons

Several hedge funds and other institutional investors have recently modified their holdings of PSN. GAMMA Investing LLC raised its holdings in Parsons by 224.7% in the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock valued at $29,000 after acquiring an additional 218 shares in the last quarter. True Wealth Design LLC acquired a new position in shares of Parsons in the third quarter valued at $30,000. V Square Quantitative Management LLC acquired a new position in shares of Parsons in the third quarter valued at $33,000. Capital Performance Advisors LLP acquired a new stake in Parsons during the third quarter worth $45,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in Parsons in the 3rd quarter valued at $72,000. Institutional investors and hedge funds own 98.02% of the company’s stock.

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.