Parsons (NYSE:PSN) Trading Down 7.5% – Here’s What Happened

Parsons Co. (NYSE:PSN)’s stock price dropped 7.5% during trading on Thursday . The stock traded as low as $103.01 and last traded at $103.61. Approximately 572,332 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 884,292 shares. The stock had previously closed at $112.01.

Analysts Set New Price Targets

PSN has been the topic of several research reports. Raymond James lowered Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective on the stock. in a research report on Wednesday, October 23rd. Truist Financial reissued a “buy” rating and issued a $108.00 price objective (up from $100.00) on shares of Parsons in a research report on Thursday, August 1st. KeyCorp raised their target price on Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Benchmark raised their target price on Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Robert W. Baird raised their target price on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $102.11.

Parsons Stock Down 10.5 %

The firm has a market capitalization of $10.65 billion, a price-to-earnings ratio of 155.83, a P/E/G ratio of 2.02 and a beta of 0.80. The stock has a 50 day moving average of $104.58 and a 200 day moving average of $89.94. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.47.

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

Hedge Funds Weigh In On Parsons

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Parsons by 10.2% in the first quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock valued at $376,997,000 after acquiring an additional 421,085 shares during the period. Earnest Partners LLC raised its holdings in shares of Parsons by 2.4% during the second quarter. Earnest Partners LLC now owns 2,168,598 shares of the company’s stock valued at $177,413,000 after buying an additional 49,891 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Parsons by 18.1% during the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after buying an additional 183,117 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Parsons by 61.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock valued at $116,471,000 after buying an additional 428,662 shares during the last quarter. Finally, Wedge Capital Management L L P NC bought a new stake in shares of Parsons during the third quarter valued at approximately $62,514,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

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.