Parsons (NYSE:PSN) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Parsons (NYSE:PSN) from a buy rating to a hold rating in a research report released on Wednesday morning, Zacks.com reports.

According to Zacks, “Parsons Corporation is a provider of technology-driven solutions. It is focused on the defense, intelligence and critical infrastructure markets. The company offers technical design and engineering services and software which consists of cybersecurity, intelligence, defense, military training, connected communities, physical infrastructure and mobility solutions. Parsons Corporation is based in Centreville, United States. “

A number of other research analysts have also recently issued reports on PSN. ValuEngine cut shares of Parsons from a buy rating to a hold rating in a research note on Tuesday, October 1st. Wells Fargo & Co cut shares of Parsons from an equal weight rating to an underweight rating and lifted their target price for the company from $39.00 to $42.00 in a research note on Thursday, January 9th. SunTrust Banks lifted their target price on shares of Parsons to $44.00 and gave the company a buy rating in a research note on Wednesday, November 13th. Stifel Nicolaus assumed coverage on shares of Parsons in a research note on Tuesday, December 10th. They issued a hold rating and a $44.00 target price for the company. Finally, Cowen reiterated a buy rating and issued a $40.00 target price on shares of Parsons in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. Parsons currently has a consensus rating of Hold and a consensus price target of $41.38.

NYSE PSN traded down $0.18 during trading on Wednesday, reaching $42.03. 339,556 shares of the company traded hands, compared to its average volume of 197,160. The stock’s 50 day moving average price is $41.49 and its two-hundred day moving average price is $37.10. Parsons has a 1-year low of $29.03 and a 1-year high of $43.85.

Parsons (NYSE:PSN) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.15. Parsons had a negative return on equity of 11.53% and a net margin of 2.97%. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the business earned $0.82 earnings per share. The company’s quarterly revenue was up 4.8% on a year-over-year basis. On average, analysts predict that Parsons will post 1.61 earnings per share for the current year.

Hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada bought a new position in Parsons in the 2nd quarter worth approximately $34,000. US Bancorp DE bought a new position in Parsons in the 2nd quarter worth approximately $50,000. Meeder Asset Management Inc. bought a new position in Parsons in the 3rd quarter worth approximately $51,000. New York State Teachers Retirement System bought a new position in Parsons in the 3rd quarter worth approximately $53,000. Finally, Bank of Montreal Can bought a new position in Parsons in the 2nd quarter worth approximately $57,000.

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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