Parsons (NYSE:PSN) Hits New 1-Year Low on Analyst Downgrade

Shares of Parsons Co. (NYSE:PSN) reached a new 52-week low during trading on Thursday after TD Cowen downgraded the stock from a buy rating to a hold rating. TD Cowen now has a $105.00 price target on the stock. Parsons traded as low as $61.71 and last traded at $65.01, with a volume of 5201421 shares traded. The stock had previously closed at $73.50.

PSN has been the topic of a number of other research reports. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday. KeyCorp decreased their price target on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Truist Financial reduced their target price on shares of Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Raymond James downgraded shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Finally, Robert W. Baird cut their price target on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $102.11.

Hedge Funds Weigh In On Parsons

A number of institutional investors have recently bought and sold shares of the business. Artisan Partners Limited Partnership grew its stake in shares of Parsons by 271.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock worth $190,932,000 after purchasing an additional 1,512,812 shares during the period. Raymond James Financial Inc. acquired a new stake in Parsons in the 4th quarter valued at $63,417,000. Norges Bank acquired a new stake in Parsons in the 4th quarter valued at $59,447,000. State Street Corp grew its stake in Parsons by 60.6% in the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after acquiring an additional 616,707 shares during the period. Finally, Freestone Grove Partners LP acquired a new stake in Parsons in the 4th quarter valued at $40,318,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Stock Down 4.0 %

The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The business’s 50 day moving average is $86.65 and its 200-day moving average is $95.41. The stock has a market cap of $6.35 billion, a price-to-earnings ratio of 78.22, a PEG ratio of 0.93 and a beta of 0.73.

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.