Truist Financial Lowers Parsons (NYSE:PSN) Price Target to $110.00

Parsons (NYSE:PSN) had its price objective reduced by equities research analysts at Truist Financial from $130.00 to $110.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 11.06% from the stock’s previous close.

A number of other research firms have also recently commented on PSN. Raymond James cut Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price on the stock. in a research note on Wednesday, October 23rd. Robert W. Baird lifted their price objective on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. KeyCorp increased their target price on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, Benchmark raised their price target on shares of Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $105.13.

Parsons Stock Down 0.3 %

Parsons stock opened at $99.05 on Friday. 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 stock has a market cap of $10.52 billion, a PE ratio of 150.08, a price-to-earnings-growth ratio of 1.77 and a beta of 0.80. Parsons has a fifty-two week low of $61.10 and a fifty-two week high of $114.68. The firm’s 50-day simple moving average is $104.86 and its 200 day simple moving average is $90.77.

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

Institutional Trading of Parsons

Institutional investors have recently modified their holdings of the business. State of New Jersey Common Pension Fund D bought a new stake in shares of Parsons during the third quarter valued at about $2,172,000. Oppenheimer & Co. Inc. boosted its holdings in Parsons by 37.7% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 24,016 shares of the company’s stock valued at $2,490,000 after purchasing an additional 6,577 shares during the period. Aigen Investment Management LP purchased a new position in shares of Parsons during the 3rd quarter valued at $1,004,000. Tidal Investments LLC bought a new position in shares of Parsons in the first quarter worth $853,000. Finally, Russell Investments Group Ltd. increased its holdings in shares of Parsons by 17,130.4% in the first quarter. Russell Investments Group Ltd. now owns 9,649 shares of the company’s stock worth $800,000 after purchasing an additional 9,593 shares during the period. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

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.