TD Cowen Downgrades Parsons (NYSE:PSN) to Hold

Parsons (NYSE:PSN) was downgraded by stock analysts at TD Cowen from a “buy” rating to a “hold” rating in a report released on Friday, Marketbeat reports. They currently have a $105.00 target price on the stock. TD Cowen’s price objective indicates a potential upside of 76.63% from the stock’s previous close.

A number of other brokerages have also recently commented on PSN. KeyCorp dropped their price objective on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Truist Financial reduced their target price on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. Jefferies Financial Group decreased their target price on Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, January 24th. Finally, Raymond James lowered Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $102.11.

Parsons Price Performance

PSN stock opened at $59.45 on Friday. The company’s fifty day moving average price is $85.91 and its 200-day moving average price is $95.20. Parsons has a one year low of $57.86 and a one year high of $114.68. The company has a market capitalization of $6.35 billion, a PE ratio of 78.22, a price-to-earnings-growth ratio of 0.93 and a beta of 0.73. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Fisher Asset Management LLC lifted its position in Parsons by 2.1% during the third quarter. Fisher Asset Management LLC now owns 4,364 shares of the company’s stock valued at $452,000 after purchasing an additional 90 shares during the period. CIBC Asset Management Inc raised its stake in shares of Parsons by 3.2% during the 3rd quarter. CIBC Asset Management Inc now owns 3,124 shares of the company’s stock valued at $324,000 after buying an additional 96 shares during the last quarter. Chartwell Investment Partners LLC lifted its holdings in shares of Parsons by 0.8% in the 3rd quarter. Chartwell Investment Partners LLC now owns 14,536 shares of the company’s stock valued at $1,507,000 after buying an additional 117 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Parsons by 0.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 14,207 shares of the company’s stock worth $1,311,000 after buying an additional 131 shares during the last quarter. Finally, ProShare Advisors LLC grew its holdings in Parsons by 7.3% during the fourth quarter. ProShare Advisors LLC now owns 2,185 shares of the company’s stock worth $202,000 after acquiring an additional 149 shares during the period. 98.02% of the stock is currently 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.