Raymond James Downgrades Parsons (NYSE:PSN) to Market Perform

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

PSN has been the topic of a number of other reports. TD Cowen upgraded shares of Parsons to a “strong-buy” rating in a research note on Thursday, December 19th. KeyCorp boosted their price target on shares of Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Robert W. Baird raised their price objective on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. The Goldman Sachs Group raised Parsons from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $103.00 to $111.00 in a report on Thursday, December 12th. Finally, Truist Financial lowered their price target on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. One analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $108.88.

Parsons Stock Performance

PSN stock opened at $92.25 on Thursday. The stock’s fifty day moving average is $99.84 and its two-hundred day moving average is $94.55. The stock has a market capitalization of $9.80 billion, a price-to-earnings ratio of 139.77, a PEG ratio of 1.72 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. Parsons has a 1 year low of $61.35 and a 1 year high of $114.68.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, beating 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 company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.63 billion. On average, research analysts predict that Parsons will post 3.02 EPS for the current year.

Hedge Funds Weigh In On Parsons

A number of hedge funds have recently modified their holdings of the stock. True Wealth Design LLC acquired a new position in shares of Parsons in the 3rd quarter valued at $30,000. V Square Quantitative Management LLC acquired a new position in shares of Parsons in the third quarter worth about $33,000. Capital Performance Advisors LLP purchased a new position in shares of Parsons in the third quarter worth approximately $45,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Parsons during the third quarter valued at approximately $72,000. Finally, Optimum Investment Advisors purchased a new stake in shares of Parsons in the 3rd quarter valued at approximately $145,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

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.