Parsons (NYSE:PSN) Hits New 1-Year Low on Analyst Downgrade

Parsons Co. (NYSE:PSN)’s share price hit a new 52-week low during mid-day trading on Thursday after TD Cowen downgraded the stock from a buy rating to a hold rating. TD Cowen now has a $105.00 price target on the stock. Parsons traded as low as $61.71 and last traded at $65.01, with a volume of 5201421 shares changing hands. The stock had previously closed at $73.50.

A number of other brokerages have also recently issued reports on PSN. Truist Financial cut their price objective on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Jefferies Financial Group dropped their price target on shares of Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, January 24th. KeyCorp dropped their price target on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Raymond James cut shares of Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Finally, Robert W. Baird dropped their price target on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $102.11.

Institutional Trading of Parsons

Several large investors have recently added to or reduced their stakes in the business. Fisher Asset Management LLC boosted its position in shares of Parsons by 2.1% in the third quarter. Fisher Asset Management LLC now owns 4,364 shares of the company’s stock worth $452,000 after purchasing an additional 90 shares during the period. CIBC Asset Management Inc boosted its position in shares of Parsons by 3.2% in the third quarter. CIBC Asset Management Inc now owns 3,124 shares of the company’s stock worth $324,000 after purchasing an additional 96 shares during the period. Chartwell Investment Partners LLC boosted its position in shares of Parsons by 0.8% in the third quarter. Chartwell Investment Partners LLC now owns 14,536 shares of the company’s stock worth $1,507,000 after purchasing an additional 117 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position 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 purchasing an additional 131 shares during the period. Finally, ProShare Advisors LLC boosted its position in shares of Parsons by 7.3% in the fourth quarter. ProShare Advisors LLC now owns 2,185 shares of the company’s stock worth $202,000 after purchasing an additional 149 shares during the period. 98.02% of the stock is currently owned by institutional investors.

Parsons Trading Down 4.0 %

The stock’s 50-day simple moving average is $86.65 and its two-hundred day simple moving average is $95.41. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. The firm has a market capitalization of $6.35 billion, a P/E ratio of 78.22, a price-to-earnings-growth ratio of 0.93 and a beta of 0.73.

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.