Parsons (NYSE:PSN) Stock Rating Lowered by Zacks Research

Parsons (NYSE:PSN) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday,Zacks.com reports.

PSN has been the topic of several other reports. Raymond James Financial downgraded Parsons from a “strong-buy” rating to a “market perform” rating in a research report on Friday, December 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of Parsons in a research note on Monday, December 29th. Jefferies Financial Group reissued a “hold” rating on shares of Parsons in a research report on Thursday, January 15th. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Thursday, November 20th. Finally, Truist Financial restated a “buy” rating and issued a $85.00 target price (down previously from $90.00) on shares of Parsons in a research note on Thursday, February 12th. Twelve equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $83.92.

Parsons Stock Performance

NYSE:PSN opened at $65.95 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.75 and a quick ratio of 1.75. The firm has a market cap of $6.98 billion, a PE ratio of 29.98, a P/E/G ratio of 3.70 and a beta of 0.66. The firm has a 50 day simple moving average of $66.41 and a 200-day simple moving average of $75.82. Parsons has a 1-year low of $54.56 and a 1-year high of $89.50.

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

Hedge Funds Weigh In On Parsons

Several institutional investors have recently modified their holdings of PSN. Mather Group LLC. acquired a new stake in Parsons in the 3rd quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in Parsons during the 4th quarter valued at about $25,000. Danske Bank A S bought a new stake in shares of Parsons during the 4th quarter worth about $31,000. Los Angeles Capital Management LLC bought a new position in shares of Parsons in the fourth quarter valued at approximately $32,000. Finally, True Wealth Design LLC increased its stake in shares of Parsons by 63.9% during the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock valued at $35,000 after acquiring an additional 189 shares during the period. 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.