Parsons (NYSE:PSN) Reaches New 1-Year High – Here’s Why

Parsons Co. (NYSE:PSN)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $114.27 and last traded at $113.85, with a volume of 4579 shares traded. The stock had previously closed at $111.38.

Analysts Set New Price Targets

A number of brokerages have weighed in on PSN. Raymond James lowered shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price for the company. in a research report on Wednesday, October 23rd. KeyCorp raised their price objective on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Benchmark boosted their price objective on shares of Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Truist Financial reiterated a “buy” rating and issued a $108.00 target price (up from $100.00) on shares of Parsons in a research note on Thursday, August 1st. Finally, Robert W. Baird boosted their price target on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Parsons currently has a consensus rating of “Moderate Buy” and an average price target of $102.11.

Parsons Price Performance

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 market capitalization of $11.75 billion, a PE ratio of 169.93, a P/E/G ratio of 2.36 and a beta of 0.80. The firm’s 50 day simple moving average is $102.46 and its 200 day simple moving average is $88.62.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.07. Parsons had a return on equity of 12.74% and a net margin of 1.21%. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.63 billion. As a group, equities analysts forecast that Parsons Co. will post 2.89 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PSN. Vanguard Group Inc. grew its holdings in Parsons by 10.2% in the 1st quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock worth $376,997,000 after acquiring an additional 421,085 shares during the last quarter. Earnest Partners LLC increased its stake in shares of Parsons by 2.4% during the second quarter. Earnest Partners LLC now owns 2,168,598 shares of the company’s stock valued at $177,413,000 after buying an additional 49,891 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Parsons by 18.1% during the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after acquiring an additional 183,117 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Parsons by 61.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock worth $116,471,000 after acquiring an additional 428,662 shares during the period. Finally, Wedge Capital Management L L P NC bought a new position in Parsons in the 3rd quarter worth $62,514,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Company Profile

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.