Truist Financial Has Lowered Expectations for Parsons (NYSE:PSN) Stock Price

Parsons (NYSE:PSN) had its price objective lowered by equities researchers at Truist Financial from $130.00 to $110.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 10.14% from the stock’s current price.

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

Parsons Price Performance

Shares of NYSE PSN opened at $99.87 on Friday. 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 fifty-two week low of $61.10 and a fifty-two week high of $114.68. The stock has a market cap of $10.61 billion, a PE ratio of 150.53, a price-to-earnings-growth ratio of 1.68 and a beta of 0.80. The stock has a fifty day moving average of $104.85 and a 200-day moving average of $90.63.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share 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 for the quarter, compared to analysts’ expectations of $1.63 billion. Equities research analysts anticipate that Parsons will post 3.02 earnings per share for the current year.

Hedge Funds Weigh In On Parsons

Several institutional investors have recently modified their holdings of the company. State of New Jersey Common Pension Fund D bought a new stake in shares of Parsons in the 3rd quarter worth approximately $2,172,000. Oppenheimer & Co. Inc. lifted its stake in Parsons by 37.7% in the third quarter. Oppenheimer & Co. Inc. now owns 24,016 shares of the company’s stock worth $2,490,000 after purchasing an additional 6,577 shares during the last quarter. Aigen Investment Management LP purchased a new stake in Parsons during the third quarter valued at about $1,004,000. Tidal Investments LLC bought a new position in shares of Parsons during the first quarter valued at about $853,000. Finally, Russell Investments Group Ltd. grew 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 buying an additional 9,593 shares during the last quarter. 98.02% of the stock is currently owned by institutional investors.

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.