Parsons (NYSE:PSN) Rating Lowered to Market Perform at Raymond James

Parsons (NYSE:PSN) was downgraded by investment analysts at Raymond James from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday, Marketbeat.com reports.

Other equities analysts have also issued reports about the stock. KeyCorp boosted their price objective on shares of Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Robert W. Baird boosted their price target on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Truist Financial dropped their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. The Goldman Sachs Group upgraded Parsons from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $103.00 to $111.00 in a report on Thursday, December 12th. Finally, TD Cowen upgraded shares of Parsons to a “strong-buy” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $108.88.

Parsons Trading Up 2.0 %

NYSE PSN opened at $92.30 on Thursday. Parsons has a 12 month low of $61.40 and a 12 month high of $114.68. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The stock’s fifty day moving average price is $99.32 and its 200-day moving average price is $94.63. The stock has a market cap of $9.80 billion, a P/E ratio of 139.85, a P/E/G ratio of 1.72 and a beta of 0.74.

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

Institutional Investors Weigh In On Parsons

A number of large investors have recently made changes to their positions in the company. State of New Jersey Common Pension Fund D bought a new stake in shares of Parsons during the 3rd quarter valued at $2,172,000. Oppenheimer & Co. Inc. lifted its position in Parsons by 37.7% during the third 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 in the last quarter. Aigen Investment Management LP bought a new stake in Parsons during the third quarter valued at about $1,004,000. Geode Capital Management LLC increased its position in Parsons by 14.0% in the third quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock worth $80,146,000 after buying an additional 95,040 shares in the last quarter. Finally, Peregrine Asset Advisers Inc. bought a new position in shares of Parsons in the second quarter worth about $4,417,000. 98.02% of the stock is currently owned by 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.