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

Parsons Co. (NYSE:PSN) shares 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 trading hands. 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 net margin of 1.21% and a return on equity of 12.88%. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.63 billion.

Wall Street Analyst Weigh In

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

Institutional Trading of Parsons

Several large investors have recently modified their holdings of the business. Tidal Investments LLC purchased a new position in shares of Parsons during the first quarter valued at approximately $853,000. Russell Investments Group Ltd. lifted its stake in shares of Parsons by 17,130.4% during the first quarter. Russell Investments Group Ltd. now owns 9,649 shares of the company’s stock valued at $800,000 after buying an additional 9,593 shares during the period. Peregrine Asset Advisers Inc. purchased a new position in shares of Parsons during the second quarter valued at approximately $4,417,000. SG Americas Securities LLC lifted its stake in shares of Parsons by 872.4% during the first quarter. SG Americas Securities LLC now owns 39,586 shares of the company’s stock valued at $3,284,000 after buying an additional 35,515 shares during the period. Finally, Lisanti Capital Growth LLC purchased a new position in shares of Parsons during the first quarter valued at approximately $3,887,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Down 1.7 %

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 firm has a market cap of $11.48 billion, a PE ratio of 163.88, a P/E/G ratio of 2.37 and a beta of 0.80. The firm’s 50 day moving average is $101.55 and its 200-day moving average is $87.82.

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.