KeyCorp Forecasts Strong Price Appreciation for Parsons (NYSE:PSN) Stock

Parsons (NYSE:PSN) had its price target lifted by KeyCorp from $116.00 to $122.00 in a research report released on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research analysts have also recently weighed in on the company. Truist Financial reiterated a “buy” rating and issued a $108.00 target price (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. Robert W. Baird increased their target price on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday. Raymond James lowered shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price for the company. in a research report on Wednesday, October 23rd. Finally, Benchmark boosted their price target on Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Parsons has an average rating of “Moderate Buy” and an average target price of $102.11.

Parsons Stock Up 0.3 %

Shares of PSN traded up $0.33 during midday trading on Thursday, hitting $108.49. 82,250 shares of the company’s stock traded hands, compared to its average volume of 889,842. The firm’s fifty day moving average is $101.55 and its 200-day moving average is $87.82. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $11.52 billion, a price-to-earnings ratio of 163.88, a price-to-earnings-growth ratio of 2.37 and a beta of 0.80. Parsons has a 1 year low of $60.38 and a 1 year high of $112.19.

Parsons (NYSE:PSN) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.07. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.63 billion. Parsons had a return on equity of 12.88% and a net margin of 1.21%. As a group, sell-side analysts anticipate that Parsons will post 2.89 earnings per share for the current year.

Institutional Investors Weigh In On Parsons

A number of institutional investors and hedge funds have recently modified their holdings of the company. AE Wealth Management LLC increased its stake in shares of Parsons by 2.7% during the second quarter. AE Wealth Management LLC now owns 5,763 shares of the company’s stock worth $471,000 after buying an additional 150 shares during the period. EntryPoint Capital LLC increased its stake in Parsons by 17.2% during the first quarter. EntryPoint Capital LLC now owns 1,334 shares of the company’s stock worth $111,000 after acquiring an additional 196 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Parsons by 23.6% during the second quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock valued at $86,000 after purchasing an additional 199 shares during the period. Certified Advisory Corp boosted its stake in Parsons by 6.2% during the 2nd quarter. Certified Advisory Corp now owns 4,743 shares of the company’s stock valued at $388,000 after acquiring an additional 278 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Parsons by 2.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 13,992 shares of the company’s stock valued at $1,161,000 after buying an additional 311 shares during the period. Institutional investors and hedge funds 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.