Parsons (NYSE:PSN) Stock Rating Lowered by Raymond James

Raymond James cut shares of Parsons (NYSE:PSN - Free Report) from a strong-buy rating to an outperform rating in a research report sent to investors on Wednesday, Marketbeat Ratings reports. Raymond James currently has $115.00 price objective on the stock.

Several other equities research analysts also recently weighed in on the stock. Truist Financial reaffirmed a "buy" rating and issued a $108.00 price target (up from $100.00) on shares of Parsons in a research note on Thursday, August 1st. Robert W. Baird lifted their price target on shares of Parsons from $89.00 to $103.00 and gave the company an "outperform" rating in a research note on Thursday, August 1st. Benchmark boosted their target price on shares of Parsons from $68.00 to $101.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. KeyCorp boosted their target price on shares of Parsons from $99.00 to $116.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 8th. Finally, Stifel Nicolaus boosted their target price on shares of Parsons from $95.00 to $97.00 and gave the stock a "buy" rating in a research report on Tuesday, June 25th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $99.00.

Parsons Trading Down 2.8 %

NYSE PSN traded down $3.04 during mid-day trading on Wednesday, reaching $104.38. 971,733 shares of the stock were exchanged, compared to its average volume of 890,327. Parsons has a one year low of $55.22 and a one year high of $109.55. The stock has a 50 day simple moving average of $100.11 and a 200-day simple moving average of $86.82. The stock has a market cap of $11.08 billion, a P/E ratio of 242.75, a P/E/G ratio of 2.33 and a beta of 0.80. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.80 and a quick ratio of 1.80.

Parsons (NYSE:PSN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.18. Parsons had a net margin of 0.89% and a return on equity of 12.09%. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.53 billion. On average, analysts anticipate that Parsons will post 2.88 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PSN. Sunburst Financial Group LLC purchased a new position in Parsons in the first quarter valued at about $499,000. Hennessy Advisors Inc. lifted its stake in shares of Parsons by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 437,900 shares of the company's stock valued at $36,324,000 after buying an additional 54,200 shares in the last quarter. Seaside Wealth Management Inc. purchased a new stake in shares of Parsons during the 1st quarter valued at approximately $1,240,000. AlphaMark Advisors LLC purchased a new stake in shares of Parsons during the 1st quarter valued at approximately $403,000. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Parsons during the 1st quarter valued at approximately $181,000. 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.