Parsons (NYSE:PSN) Cut to “Outperform” at Raymond James

Raymond James cut shares of Parsons (NYSE:PSN) from a strong-buy rating to an outperform rating in a research report released on Wednesday, Marketbeat.com reports. Raymond James currently has $115.00 price target on the stock.

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

Parsons Stock Performance

Shares of PSN opened at $104.21 on Wednesday. The company has a market cap of $15.29 billion, a PE ratio of 578.94, a price-to-earnings-growth ratio of 2.32 and a beta of 0.80. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.54. The stock has a 50-day moving average price of $100.56 and a 200-day moving average price of $87.09. Parsons has a 12-month low of $55.22 and a 12-month 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. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.53 billion. Parsons had a net margin of 0.89% and a return on equity of 12.09%. As a group, equities analysts forecast that Parsons will post 2.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PSN. New York State Teachers Retirement System bought a new stake in Parsons in the 3rd quarter worth $1,110,000. Strategic Blueprint LLC purchased a new stake in shares of Parsons during the third quarter worth about $1,083,000. Semanteon Capital Management LP bought a new stake in shares of Parsons in the third quarter worth about $1,250,000. Greenspring Advisors LLC purchased a new position in Parsons during the 3rd quarter valued at about $207,000. Finally, State of Alaska Department of Revenue bought a new position in Parsons during the 3rd quarter valued at approximately $561,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

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.