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

Parsons (NYSE:PSN) had its price objective lowered by equities research analysts at KeyCorp from $122.00 to $102.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s target price suggests a potential upside of 11.56% from the company’s previous close.

A number of other analysts also recently issued reports on PSN. The Goldman Sachs Group raised shares of Parsons from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $103.00 to $111.00 in a report on Thursday, December 12th. TD Cowen reduced their price target on Parsons from $117.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday. Robert W. Baird lifted their price objective on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Raymond James lowered Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Finally, Truist Financial decreased their price target on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Parsons presently has a consensus rating of “Moderate Buy” and an average price target of $108.25.

Parsons Stock Performance

Parsons stock traded up $0.89 during mid-day trading on Wednesday, hitting $91.43. 422,996 shares of the company’s stock traded hands, compared to its average volume of 858,342. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.55 and a quick ratio of 1.55. The firm has a 50 day simple moving average of $98.77 and a two-hundred day simple moving average of $95.05. Parsons has a fifty-two week low of $62.13 and a fifty-two week high of $114.68. The stock has a market cap of $9.71 billion, a price-to-earnings ratio of 138.53, a P/E/G ratio of 1.72 and a beta of 0.74.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.73 by $0.07. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.63 billion. Parsons had a return on equity of 12.74% and a net margin of 1.21%. On average, research analysts expect that Parsons will post 3.02 EPS for the current fiscal year.

Institutional Trading of Parsons

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC grew its holdings in shares of Parsons by 224.7% during the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock valued at $29,000 after purchasing an additional 218 shares during the last quarter. True Wealth Design LLC acquired a new stake in Parsons in the third quarter valued at approximately $30,000. V Square Quantitative Management LLC acquired a new position in shares of Parsons during the third quarter worth $33,000. Capital Performance Advisors LLP acquired a new position in shares of Parsons during the third quarter worth $45,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Parsons in the 3rd quarter valued at $72,000. 98.02% of the stock is owned by institutional investors and hedge funds.

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.