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

Parsons Co. (NYSE:PSN)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $107.70 and last traded at $107.55, with a volume of 101211 shares traded. The stock had previously closed at $107.05.

Analysts Set New Price Targets

A number of analysts recently weighed in on PSN shares. Benchmark upped their target price 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. Stifel Nicolaus increased their target price on Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a report on Tuesday, June 25th. Robert W. Baird raised their target price on Parsons from $89.00 to $103.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Truist Financial reiterated a “buy” rating and set a $108.00 price objective (up from $100.00) on shares of Parsons in a research note on Thursday, August 1st. Finally, KeyCorp upped their target price on shares of Parsons from $99.00 to $116.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Parsons has an average rating of “Buy” and an average target price of $96.78.

Parsons Price Performance

The stock has a market capitalization of $15.87 billion, a P/E ratio of 603.39, a price-to-earnings-growth ratio of 2.31 and a beta of 0.80. The company’s 50-day simple moving average is $98.27 and its 200-day simple moving average is $85.83. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.80 and a quick ratio of 1.80.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.18. Parsons had a return on equity of 12.09% and a net margin of 0.89%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.53 billion. As a group, sell-side analysts expect that Parsons Co. will post 2.88 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSN. Investment Advisory Group LLC bought a new position in shares of Parsons during the 3rd quarter valued at approximately $209,000. Creative Planning increased its stake in Parsons by 15.0% in the 3rd quarter. Creative Planning now owns 8,490 shares of the company’s stock worth $880,000 after purchasing an additional 1,109 shares during the period. Wedge Capital Management L L P NC bought a new stake in shares of Parsons in the 3rd quarter worth approximately $62,514,000. CWM LLC grew its holdings in shares of Parsons by 2,752.2% during the 3rd quarter. CWM LLC now owns 5,134 shares of the company’s stock worth $532,000 after acquiring an additional 4,954 shares during the period. Finally, Diversified Trust Co purchased a new stake in shares of Parsons in the 3rd quarter worth approximately $279,000. Institutional investors own 98.02% of the company’s stock.

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.