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

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

Wall Street Analyst Weigh In

PSN has been the subject of a number of recent research reports. KeyCorp raised their price target on Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. 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. Raymond James lowered shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price target on the stock. in a research note on Wednesday, October 23rd. Benchmark raised their price target on shares of Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Robert W. Baird upped their price objective on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $102.11.

Parsons Stock Up 2.2 %

The firm has a market cap of $11.97 billion, a price-to-earnings ratio of 170.61, a PEG ratio of 2.28 and a beta of 0.80. The firm has a 50-day moving average of $103.11 and a two-hundred day moving average of $88.93. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.73 by $0.07. Parsons had a net margin of 1.21% and a return on equity of 12.74%. The firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.63 billion. As a group, sell-side analysts predict that Parsons Co. will post 3.02 earnings per share for the current fiscal year.

Institutional Trading of Parsons

A number of institutional investors and hedge funds have recently modified their holdings of PSN. Vanguard Group Inc. boosted its stake in 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 buying an additional 421,085 shares in the last quarter. Earnest Partners LLC boosted its position in shares of Parsons by 2.4% during the 2nd quarter. Earnest Partners LLC now owns 2,168,598 shares of the company’s stock valued at $177,413,000 after acquiring an additional 49,891 shares in the last quarter. Principal Financial Group Inc. lifted 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 during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Parsons by 61.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock valued at $116,471,000 after purchasing an additional 428,662 shares in the last quarter. Finally, Wedge Capital Management L L P NC bought a new stake in shares of Parsons in the 3rd quarter worth about $62,514,000. 98.02% of the stock is currently owned by 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.