Parsons (NYSE:PSN) Stock Rating Lowered by Raymond James

Parsons (NYSE:PSN) was downgraded by stock analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a report released on Wednesday, Marketbeat Ratings reports. They currently have a $115.00 price target on the stock. Raymond James’ target price would suggest a potential upside of 10.09% from the stock’s previous close.

A number of other research analysts have also recently commented on PSN. Truist Financial restated a “buy” rating and issued a $108.00 target price (up previously from $100.00) on shares of Parsons in a research note on Thursday, August 1st. Benchmark raised their price objective on Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Robert W. Baird upped their target price on shares of Parsons from $89.00 to $103.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. KeyCorp lifted their price target on shares of Parsons from $99.00 to $116.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Finally, Stifel Nicolaus upped their price objective on shares of Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a report on Tuesday, June 25th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Parsons presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.00.

Parsons Stock Performance

Shares of PSN stock opened at $104.46 on Wednesday. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.54. The stock has a fifty day moving average of $100.34 and a 200 day moving average of $86.94. The firm has a market capitalization of $15.33 billion, a price-to-earnings ratio of 580.33, a PEG ratio of 2.32 and a beta of 0.80. Parsons has a 52 week low of $55.22 and a 52 week high of $109.55.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.18. Parsons had a net margin of 0.89% and a return on equity of 12.09%. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.53 billion. As a group, research analysts expect that Parsons will post 2.88 earnings per share for the current year.

Institutional Investors Weigh In On Parsons

A number of institutional investors have recently made changes to their positions in the company. Seaside Wealth Management Inc. purchased a new stake in Parsons during the 1st quarter valued at $1,240,000. Tidal Investments LLC bought a new stake in Parsons in the 1st quarter worth about $853,000. Russell Investments Group Ltd. raised its position in Parsons by 17,130.4% in the 1st quarter. Russell Investments Group Ltd. now owns 9,649 shares of the company’s stock worth $800,000 after buying an additional 9,593 shares during the last quarter. Hennessy Advisors Inc. lifted its stake in Parsons by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 437,900 shares of the company’s stock valued at $36,324,000 after acquiring an additional 54,200 shares during the period. Finally, Peregrine Asset Advisers Inc. purchased a new stake in shares of Parsons during the 2nd quarter valued at about $4,417,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Company Profile

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.