Parsons (NYSE:PSN) Stock Price Down 6% – Here’s Why

Parsons Co. (NYSE:PSN) shares fell 6% during trading on Tuesday . The stock traded as low as $80.14 and last traded at $79.33. 661,881 shares changed hands during trading, a decline of 45% from the average session volume of 1,204,475 shares. The stock had previously closed at $84.40.

Analyst Upgrades and Downgrades

PSN has been the subject of several research analyst reports. TD Cowen dropped their price objective on shares of Parsons from $117.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, January 8th. Robert W. Baird boosted their target price on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Truist Financial decreased their price target on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Raymond James lowered Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Finally, William Blair downgraded shares of Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $107.33.

Parsons Price Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. The company has a market capitalization of $8.35 billion, a price-to-earnings ratio of 119.16, a price-to-earnings-growth ratio of 1.42 and a beta of 0.74. The company has a 50-day moving average price of $93.74 and a 200-day moving average price of $96.12.

Parsons (NYSE:PSN) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share 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 business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.63 billion. On average, equities research analysts expect that Parsons Co. will post 3.02 EPS for the current fiscal year.

Institutional Trading of Parsons

Several hedge funds have recently added to or reduced their stakes in PSN. Csenge Advisory Group lifted its stake in Parsons by 42.4% in the fourth quarter. Csenge Advisory Group now owns 4,902 shares of the company’s stock valued at $452,000 after buying an additional 1,459 shares in the last quarter. Principal Securities Inc. bought a new stake in Parsons in the 4th quarter valued at $33,000. Congress Asset Management Co. bought a new stake in Parsons in the 4th quarter valued at $8,361,000. Blue Trust Inc. boosted its stake in Parsons by 117.6% in the 4th quarter. Blue Trust Inc. now owns 2,265 shares of the company’s stock worth $209,000 after purchasing an additional 1,224 shares during the period. Finally, New York State Teachers Retirement System increased its holdings in Parsons by 3.8% during the 4th quarter. New York State Teachers Retirement System now owns 11,117 shares of the company’s stock worth $1,026,000 after purchasing an additional 409 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.

About Parsons

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.