Parsons (NYSE:PSN) Hits New 12-Month High Following Strong Earnings

Parsons Co. (NYSE:PSN)’s share price hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $110.83 and last traded at $110.04, with a volume of 500881 shares traded. The stock had previously closed at $105.03.

The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.07. Parsons had a return on equity of 12.88% and a net margin of 1.21%. The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.63 billion.

Wall Street Analysts Forecast Growth

PSN has been the topic of several research analyst reports. Robert W. Baird lifted their price objective on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday. KeyCorp lifted their price objective on Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday. Truist Financial reiterated a “buy” rating and issued a $108.00 price objective (up from $100.00) on shares of Parsons in a report on Thursday, August 1st. Benchmark lifted their price objective on Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Raymond James cut Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective on the stock. in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $102.11.

Hedge Funds Weigh In On Parsons

A number of institutional investors and hedge funds have recently modified their holdings of PSN. Wedge Capital Management L L P NC acquired a new position in shares of Parsons during the third quarter worth $62,514,000. Allspring Global Investments Holdings LLC grew its stake in shares of Parsons by 61.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock worth $116,471,000 after purchasing an additional 428,662 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Parsons by 10.2% during the first quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock worth $376,997,000 after purchasing an additional 421,085 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in shares of Parsons during the second quarter worth $29,302,000. Finally, Appian Way Asset Management LP lifted its position in Parsons by 649.9% in the second quarter. Appian Way Asset Management LP now owns 394,855 shares of the company’s stock valued at $32,303,000 after acquiring an additional 342,200 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Trading Down 1.7 %

The stock has a market capitalization of $11.48 billion, a PE ratio of 163.88, a PEG ratio of 2.37 and a beta of 0.80. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.54. The business’s 50-day moving average is $101.55 and its two-hundred day moving average is $87.82.

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.