Parsons Corp (NYSE:PSN) Given Consensus Recommendation of “Buy” by Analysts

Shares of Parsons Corp (NYSE:PSN) have been given an average recommendation of “Buy” by the nine brokerages that are covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $38.71.

A number of research firms have recently weighed in on PSN. Morgan Stanley set a $36.00 target price on shares of Parsons and gave the stock a “hold” rating in a report on Monday, September 9th. SunTrust Banks increased their price target on shares of Parsons from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Cowen reissued a “buy” rating and issued a $40.00 price target on shares of Parsons in a research note on Monday, August 26th. Wells Fargo & Co downgraded shares of Parsons from an “outperform” rating to a “market perform” rating and set a $36.00 price target for the company. in a research note on Wednesday, June 26th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Parsons from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research note on Wednesday, September 11th.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada purchased a new stake in shares of Parsons during the second quarter valued at approximately $34,000. US Bancorp DE purchased a new stake in Parsons during the second quarter valued at approximately $50,000. Clarus Wealth Advisors purchased a new stake in Parsons during the second quarter valued at approximately $56,000. Bank of Montreal Can purchased a new stake in Parsons during the second quarter valued at approximately $57,000. Finally, Victory Capital Management Inc. purchased a new stake in Parsons during the second quarter valued at approximately $111,000. 99.43% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE PSN opened at $32.95 on Friday. The business has a 50 day simple moving average of $34.27. Parsons has a twelve month low of $29.03 and a twelve month high of $38.82.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.21). The company had revenue of $989.74 million for the quarter, compared to the consensus estimate of $953.83 million. During the same quarter in the previous year, the business earned $0.40 earnings per share. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, research analysts forecast that Parsons will post 1.46 earnings per share for the current fiscal year.

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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