Parsons (NYSE:PSN) Stock Price Expected to Rise, Citigroup Analyst Says

Parsons (NYSE:PSN) had its price target lifted by equities research analysts at Citigroup from $53.00 to $63.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup‘s target price indicates a potential upside of 22.55% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. UBS Group upped their target price on shares of Parsons from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, October 29th. Zacks Research upgraded Parsons from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. Truist Financial reiterated a “buy” rating and issued a $60.00 target price (down from $75.00) on shares of Parsons in a report on Thursday, July 30th. William Blair reiterated an “outperform” rating on shares of Parsons in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group dropped their price target on Parsons from $69.00 to $60.00 and set a “neutral” rating on the stock in a research report on Monday, August 3rd. Eleven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.33.

Parsons Trading Down 0.2%

Shares of PSN traded down $0.08 during trading hours on Tuesday, reaching $51.41. 270,539 shares of the company traded hands, compared to its average volume of 1,292,871. The stock’s fifty day moving average price is $45.98 and its 200 day moving average price is $53.56. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.49. The firm has a market cap of $5.43 billion, a price-to-earnings ratio of 37.60, a PEG ratio of 4.21 and a beta of 0.69. Parsons has a 12-month low of $36.26 and a 12-month high of $88.00.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.80 by $0.09. Parsons had a net margin of 2.33% and a return on equity of 8.11%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter last year, the firm posted $0.86 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. Sell-side analysts forecast that Parsons will post 2.16 earnings per share for the current year.

Institutional Investors Weigh In On Parsons

Several hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its stake in shares of Parsons by 10.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,892,400 shares of the company’s stock valued at $102,494,000 after purchasing an additional 179,463 shares in the last quarter. Primecap Management Co. CA bought a new position in Parsons in the second quarter worth approximately $89,697,000. Van ECK Associates Corp raised its stake in Parsons by 389.3% in the second quarter. Van ECK Associates Corp now owns 1,125,767 shares of the company’s stock worth $58,979,000 after buying an additional 895,690 shares in the last quarter. Cooper Creek Partners Management LLC lifted its holdings in Parsons by 1,248.6% during the first quarter. Cooper Creek Partners Management LLC now owns 505,128 shares of the company’s stock worth $27,363,000 after buying an additional 467,672 shares during the period. Finally, Aberdeen Group plc lifted its holdings in Parsons by 2,784.1% during the third quarter. Aberdeen Group plc now owns 495,026 shares of the company’s stock worth $20,281,000 after buying an additional 477,862 shares during the period. Hedge funds and other institutional investors own 98.02% of the company’s stock.

About Parsons

Parsons Corporation is a technology-focused engineering and infrastructure company serving government and commercial clients. Its work includes engineering, construction management, program management, and technical services for complex projects and missions. The company operates through its Federal Solutions and Critical Infrastructure businesses. Federal Solutions provides services in areas such as defense, intelligence, cybersecurity, space, and missile defense. Critical Infrastructure supports projects involving transportation, water, environmental remediation, and other essential infrastructure.