KeyCorp Cuts Parsons (NYSE:PSN) Price Target to $102.00

Parsons (NYSE:PSN) had its target price lowered by KeyCorp from $122.00 to $102.00 in a report published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts also recently weighed in on PSN. Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. The Goldman Sachs Group upgraded Parsons from a “neutral” rating to a “buy” rating and raised their target price for the company from $103.00 to $111.00 in a research note on Thursday, December 12th. 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. Truist Financial reduced their price target on shares of Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. Finally, TD Cowen reduced their price target on shares of Parsons from $117.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $108.25.

Parsons Stock Up 1.1 %

Shares of NYSE PSN opened at $92.89 on Wednesday. Parsons has a 12-month low of $63.12 and a 12-month high of $114.68. The company has a market cap of $9.86 billion, a P/E ratio of 140.74, a P/E/G ratio of 1.72 and a beta of 0.74. 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 has a fifty day moving average price of $97.76 and a 200 day moving average price of $95.09.

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, beating the consensus estimate of $0.73 by $0.07. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.63 billion. Parsons had a return on equity of 12.74% and a net margin of 1.21%. Research analysts anticipate that Parsons will post 3.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. ORG Wealth Partners LLC acquired a new position in Parsons in the fourth quarter worth approximately $26,000. Wealth Enhancement Advisory Services LLC boosted its stake in Parsons by 12.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,442 shares of the company’s stock worth $594,000 after purchasing an additional 735 shares during the period. First Hawaiian Bank boosted its stake in Parsons by 48.8% in the 4th quarter. First Hawaiian Bank now owns 39,523 shares of the company’s stock worth $3,646,000 after purchasing an additional 12,964 shares during the period. GAMMA Investing LLC boosted its stake in Parsons by 224.7% in the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock worth $29,000 after purchasing an additional 218 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in Parsons by 18.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock worth $123,685,000 after purchasing an additional 183,117 shares during the period. Institutional investors and hedge funds 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.