Parsons (NYSE:PSN) Sets New 52-Week Low – Here’s What Happened

Parsons Co. (NYSE:PSN) hit a new 52-week low during trading on Thursday . The company traded as low as $61.71 and last traded at $65.01, with a volume of 5201421 shares changing hands. The stock had previously closed at $73.50.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PSN. Truist Financial lowered their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. KeyCorp dropped their target price on Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. The Goldman Sachs Group raised Parsons from a “neutral” rating to a “buy” rating and increased their target price for the stock from $103.00 to $111.00 in a report on Thursday, December 12th. Finally, Jefferies Financial Group cut their price objective on Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, January 24th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.33.

Parsons Stock Down 11.6 %

The firm has a market cap of $6.90 billion, a price-to-earnings ratio of 98.49, a P/E/G ratio of 1.11 and a beta of 0.73. 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 stock has a 50-day moving average of $87.96 and a 200-day moving average of $95.86.

Institutional Investors Weigh In On Parsons

Several hedge funds have recently modified their holdings of PSN. State of New Jersey Common Pension Fund D bought a new position in Parsons during the 3rd quarter worth $2,172,000. Oppenheimer & Co. Inc. boosted its stake in Parsons by 37.7% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 24,016 shares of the company’s stock valued at $2,490,000 after purchasing an additional 6,577 shares during the last quarter. Aigen Investment Management LP acquired a new position in Parsons during the 3rd quarter valued at about $1,004,000. Geode Capital Management LLC boosted its stake in Parsons by 14.0% during the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock valued at $80,146,000 after purchasing an additional 95,040 shares during the last quarter. Finally, Empowered Funds LLC purchased a new position in shares of Parsons in the 4th quarter worth approximately $1,449,000. Institutional investors and hedge funds own 98.02% of the company’s stock.

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.