Parsons (NYSE:PSN) Given New $90.00 Price Target at Bank of America

Parsons (NYSE:PSN) had its price objective cut by investment analysts at Bank of America from $95.00 to $90.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 44.22% from the stock’s current price.

A number of other equities research analysts also recently weighed in on PSN. Citigroup assumed coverage on Parsons in a research note on Thursday, December 11th. They issued a “buy” rating and a $86.00 target price on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Parsons in a research note on Monday, December 22nd. UBS Group assumed coverage on shares of Parsons in a research note on Wednesday, November 19th. They set a “buy” rating and a $107.00 price objective for the company. Robert W. Baird cut their price target on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating on the stock in a report on Monday, December 8th. Finally, KeyCorp lowered their price target on shares of Parsons from $93.00 to $81.00 and set an “overweight” rating for the company in a research report on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Parsons presently has an average rating of “Moderate Buy” and an average price target of $85.08.

Parsons Stock Down 0.5%

NYSE:PSN traded down $0.31 on Tuesday, hitting $62.41. 224,128 shares of the company’s stock were exchanged, compared to its average volume of 1,343,968. The company has a market cap of $6.65 billion, a P/E ratio of 28.64, a price-to-earnings-growth ratio of 3.24 and a beta of 0.65. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.67 and a quick ratio of 1.67. The firm has a 50-day moving average price of $76.52 and a 200-day moving average price of $77.23. Parsons has a 52 week low of $54.56 and a 52 week high of $97.91.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, November 5th. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.12. The firm had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.67 billion. Parsons had a return on equity of 11.98% and a net margin of 3.69%.The company’s revenue was down 10.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. As a group, analysts expect that Parsons will post 3.58 EPS for the current fiscal year.

Institutional Trading of Parsons

Several hedge funds have recently modified their holdings of PSN. Mather Group LLC. bought a new stake in shares of Parsons during the 3rd quarter valued at about $25,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Parsons during the 3rd quarter valued at $40,000. True Wealth Design LLC raised its position in shares of Parsons by 63.9% in the 2nd quarter. True Wealth Design LLC now owns 485 shares of the company’s stock worth $35,000 after acquiring an additional 189 shares in the last quarter. Banque Transatlantique SA purchased a new position in Parsons during the 1st quarter valued at about $34,000. Finally, Penserra Capital Management LLC bought a new position in shares of Parsons during the third quarter valued at $59,000. Institutional investors own 98.02% of the company’s stock.

Parsons Company Profile

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, construction, technical and professional services firm. The company delivers end-to-end solutions that span feasibility studies, design and engineering, construction management, system integration and ongoing operations support. Parsons serves both government and commercial clients and focuses on critical infrastructure, defense, security, intelligence and environmental programs.

Core services include program and construction management for transportation systems, water and environmental infrastructure, cybersecurity and advanced systems integration.