Parsons (NYSE:PSN) Stock Price Target Lowered at TD Cowen

Parsons (NYSE:PSN) had its price objective cut by stock analysts at TD Cowen from $72.00 to $62.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price target would indicate a potential upside of 46.76% from the company’s current price.

Several other equities analysts have also weighed in on PSN. Weiss Ratings lowered shares of Parsons from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Jefferies Financial Group upgraded Parsons from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Sunday, August 2nd. William Blair reiterated an “outperform” rating on shares of Parsons in a research report on Wednesday, July 29th. UBS Group cut their target price on Parsons from $67.00 to $58.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Finally, Stifel Nicolaus reduced their price objective on Parsons from $79.00 to $66.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Eleven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Parsons presently has an average rating of “Moderate Buy” and an average target price of $63.00.

Parsons Stock Performance

Shares of PSN traded up $0.14 during midday trading on Tuesday, reaching $42.24. 148,610 shares of the stock were exchanged, compared to its average volume of 1,306,962. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.66 and a quick ratio of 1.66. The business’s 50-day moving average price is $46.22 and its 200 day moving average price is $51.51. Parsons has a twelve month low of $36.26 and a twelve month high of $89.50. The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of 29.10, a PEG ratio of 3.09 and a beta of 0.72.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). Parsons had a net margin of 2.50% and a return on equity of 8.10%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the previous year, the firm posted $0.78 earnings per share. Parsons’s revenue for the quarter was down .5% compared to the same quarter last year. On average, sell-side analysts expect that Parsons will post 2.29 EPS for the current fiscal year.

Insider Activity at Parsons

In other Parsons news, Director George Ball purchased 20,000 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were purchased at an average cost of $47.97 per share, with a total value of $959,400.00. Following the purchase, the director owned 170,383 shares in the company, valued at approximately $8,173,272.51. This represents a 13.30% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Parsons

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PSN. Versant Capital Management Inc lifted its holdings in shares of Parsons by 183.6% during the second quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock worth $29,000 after buying an additional 358 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Parsons by 160.0% in the 2nd quarter. GAMMA Investing LLC now owns 949 shares of the company’s stock valued at $50,000 after purchasing an additional 584 shares during the period. Danske Bank A S bought a new position in Parsons during the second quarter worth about $58,000. Continuum Advisory LLC acquired a new stake in Parsons in the second quarter valued at about $59,000. Finally, State of Wyoming purchased a new stake in Parsons in the second quarter worth $64,000. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Company Profile

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, infrastructure and defense contractor. The company provides solutions for government and commercial customers in areas including national security, intelligence, cybersecurity, space, missile defense, transportation, environmental remediation, water and energy.

Parsons organizes its operations around Federal Solutions and Critical Infrastructure. Its offerings include systems engineering, program management, software and technology development, cyber and intelligence services, engineering and construction management, infrastructure modernization, and environmental services.