Parsons (NYSE:PSN) Cut to “Market Perform” at William Blair

William Blair cut shares of Parsons (NYSE:PSN) from an outperform rating to a market perform rating in a research report released on Thursday morning, MarketBeat Ratings reports.

Several other equities research analysts have also recently issued reports on PSN. Truist Financial decreased their target price 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. The Goldman Sachs Group raised shares of Parsons from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $103.00 to $111.00 in a research note on Thursday, December 12th. Raymond James lowered Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. KeyCorp lowered their price target on Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Finally, TD Cowen cut their price objective on Parsons from $117.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, January 8th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $107.33.

Parsons Stock Down 1.9 %

PSN stock opened at $83.71 on Thursday. Parsons has a one year low of $64.33 and a one year high of $114.68. The stock has a market capitalization of $8.89 billion, a P/E ratio of 126.83, a PEG ratio of 1.42 and a beta of 0.74. The company has a 50 day moving average price of $94.53 and a two-hundred day moving average price of $95.95. 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 (NYSE:PSN) last released its 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. Parsons had a return on equity of 12.74% and a net margin of 1.21%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.63 billion. As a group, sell-side analysts expect that Parsons will post 3.02 EPS for the current year.

Hedge Funds Weigh In On Parsons

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. State of New Jersey Common Pension Fund D purchased a new stake in shares of Parsons during the third quarter valued at approximately $2,172,000. Oppenheimer & Co. Inc. increased its stake in Parsons by 37.7% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 24,016 shares of the company’s stock worth $2,490,000 after buying an additional 6,577 shares during the period. Aigen Investment Management LP acquired a new position in Parsons in the 3rd quarter worth $1,004,000. Geode Capital Management LLC boosted its position in Parsons by 14.0% in the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock valued at $80,146,000 after buying an additional 95,040 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Parsons by 60.6% during the third quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after acquiring an additional 616,707 shares in the last quarter. 98.02% of the stock is owned by institutional investors and hedge funds.

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.