Truist Financial Cuts Parsons (NYSE:PSN) Price Target to $110.00

Parsons (NYSE:PSN) had its price target lowered by Truist Financial from $130.00 to $110.00 in a research note released on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also issued reports on PSN. Benchmark raised their price target on Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Robert W. Baird lifted their target price on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Raymond James cut shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price target on the stock. in a report on Wednesday, October 23rd. Finally, KeyCorp lifted their price objective on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $105.13.

Parsons Stock Down 0.3 %

NYSE PSN opened at $99.05 on Friday. Parsons has a 52 week low of $61.10 and a 52 week high of $114.68. The firm has a market capitalization of $10.52 billion, a price-to-earnings ratio of 150.08, a PEG ratio of 1.77 and a beta of 0.80. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.47. The company has a fifty day moving average of $104.86 and a two-hundred day moving average of $90.85.

Parsons (NYSE:PSN) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.73 by $0.07. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.63 billion. Parsons had a net margin of 1.21% and a return on equity of 12.74%. On average, analysts predict that Parsons will post 3.02 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. boosted its stake in shares of Parsons by 17,130.4% during the first quarter. Russell Investments Group Ltd. now owns 9,649 shares of the company’s stock valued at $800,000 after purchasing an additional 9,593 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Parsons by 10.2% in the 1st 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. Acadian Asset Management LLC raised its position in shares of Parsons by 123.4% in the 1st quarter. Acadian Asset Management LLC now owns 5,884 shares of the company’s stock worth $488,000 after acquiring an additional 3,250 shares in the last quarter. Natixis purchased a new stake in shares of Parsons during the 1st quarter worth $983,000. Finally, Axxcess Wealth Management LLC boosted its position in Parsons by 9.4% during the first quarter. Axxcess Wealth Management LLC now owns 8,433 shares of the company’s stock valued at $700,000 after purchasing an additional 726 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

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.