Parsons (NYSE:PSN) Price Target Increased to $44.00 by Analysts at SunTrust Banks

Parsons (NYSE:PSN) had its price target hoisted by SunTrust Banks to $44.00 in a report issued on Wednesday, The Fly reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on the stock. Peel Hunt reissued a hold rating on shares of Parsons in a report on Monday, October 28th. ValuEngine cut shares of Parsons from a buy rating to a hold rating in a report on Tuesday, October 1st. Morgan Stanley set a $36.00 target price on shares of Parsons and gave the company a hold rating in a report on Monday, September 9th. UBS Group reissued a buy rating on shares of Parsons in a report on Saturday, November 2nd. Finally, Liberum Capital reissued a buy rating on shares of Parsons in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Parsons has a consensus rating of Buy and a consensus target price of $39.29.

Shares of NYSE:PSN traded up $0.91 during mid-day trading on Wednesday, reaching $38.93. The company had a trading volume of 248,390 shares, compared to its average volume of 248,261. The company has a 50-day simple moving average of $34.35. Parsons has a one year low of $29.03 and a one year high of $39.28.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.15. Parsons had a net margin of 2.97% and a negative return on equity of 11.53%. The company had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the firm posted $0.82 EPS. Parsons’s revenue was up 4.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Parsons will post 1.61 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSN. Newport Trust Co purchased a new position in shares of Parsons during the 2nd quarter valued at $2,880,189,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Parsons during the 2nd quarter valued at $73,883,000. ValueAct Holdings L.P. purchased a new position in shares of Parsons during the 2nd quarter valued at $66,532,000. Vanguard Group Inc. purchased a new position in shares of Parsons during the 2nd quarter valued at $64,178,000. Finally, ETF Managers Group LLC purchased a new position in shares of Parsons during the 2nd quarter valued at $52,272,000. Hedge funds and other institutional investors own 99.60% of the company’s stock.

About Parsons

Parsons Corporation provides technology based solutions in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. It operates in two segments, Federal Solutions and Critical Infrastructure. The company offers cybersecurity software and engineering services, hardware prototyping, and other technical services to the U.S.

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Analyst Recommendations for Parsons (NYSE:PSN)

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