Parsons Corp (NYSE:PSN) – SunTrust Banks dropped their Q3 2019 earnings estimates for Parsons in a research report issued to clients and investors on Tuesday, August 27th, according to Zacks Investment Research. SunTrust Banks analyst T. Sommer now expects that the company will post earnings of $0.21 per share for the quarter, down from their prior estimate of $0.29. SunTrust Banks currently has a “Buy” rating and a $40.00 target price on the stock. SunTrust Banks also issued estimates for Parsons’ Q4 2019 earnings at $0.25 EPS, Q1 2020 earnings at $0.08 EPS, Q2 2020 earnings at $0.24 EPS, FY2020 earnings at $1.22 EPS and FY2021 earnings at $1.49 EPS.
Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of Parsons from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research note on Wednesday. Jefferies Financial Group started coverage on shares of Parsons in a research note on Monday, June 3rd. They set a “buy” rating and a $38.00 target price on the stock. Bank of America started coverage on shares of Parsons in a research note on Monday, June 3rd. They set a “neutral” rating on the stock. Cowen reaffirmed a “buy” rating and set a $40.00 target price on shares of Parsons in a research note on Monday, August 26th. Finally, Goldman Sachs Group started coverage on shares of Parsons in a research note on Monday, June 3rd. They set a “buy” rating and a $43.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Parsons has an average rating of “Buy” and an average target price of $38.71.
PSN traded up $1.55 on Friday, hitting $36.80. 515,125 shares of the company’s stock were exchanged, compared to its average volume of 214,267. Parsons has a fifty-two week low of $29.03 and a fifty-two week high of $38.82. The firm’s 50-day simple moving average is $35.30.
Parsons (NYSE:PSN) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.43 earnings per share (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 analysts’ expectations of $953.83 million. During the same quarter in the prior year, the company earned $0.40 earnings per share. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year.
Several hedge funds have recently made changes to their positions in the company. Newport Trust Co acquired a new position in shares of Parsons during the 2nd quarter valued at about $2,880,189,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Parsons during the 2nd quarter valued at about $73,883,000. ValueAct Holdings L.P. purchased a new stake in Parsons in the 2nd quarter valued at about $66,532,000. Vanguard Group Inc. purchased a new stake in Parsons in the 2nd quarter valued at about $64,178,000. Finally, ETF Managers Group LLC purchased a new stake in Parsons in the 2nd quarter valued at about $52,272,000. 99.43% of the stock is currently owned by hedge funds and other institutional investors.
Parsons Company Profile
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.