Parsons (NYSE:PSN) Posts Earnings Results, Beats Estimates By $0.15 EPS

Parsons (NYSE:PSN) released its quarterly earnings results on Tuesday. The company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.15, Fidelity Earnings reports. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.03 billion. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.82 earnings per share.

NYSE:PSN traded up $0.41 during midday trading on Wednesday, hitting $38.21. The company had a trading volume of 387,409 shares, compared to its average volume of 457,033. Parsons has a 52-week low of $29.03 and a 52-week high of $39.05. The stock has a fifty day simple moving average of $34.06.

PSN has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Parsons from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research report on Wednesday, September 11th. Peel Hunt restated a “hold” rating on shares of Parsons in a research report on Monday, October 28th. ValuEngine lowered shares of Parsons from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. SunTrust Banks boosted their price target on shares of Parsons from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Finally, Liberum Capital reiterated a “buy” rating on shares of Parsons in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $38.71.

About Parsons

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.

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