Parsons Co. (NYSE:PSN) Receives Average Recommendation of “Buy” from Brokerages

Shares of Parsons Co. (NYSE:PSN) have earned an average rating of “Buy” from the nine ratings firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $94.67.

Several analysts recently issued reports on PSN shares. KeyCorp raised their price target on Parsons from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Truist Financial reissued a “buy” rating and set a $108.00 price target (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. Stifel Nicolaus increased their price objective on shares of Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a report on Tuesday, June 25th. Benchmark boosted 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. Finally, Robert W. Baird raised their price target on shares of Parsons from $89.00 to $103.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in Parsons by 162.5% during the 1st quarter. Principal Financial Group Inc. now owns 1,005,140 shares of the company’s stock valued at $83,376,000 after purchasing an additional 622,243 shares in the last quarter. 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 valued at $376,997,000 after buying an additional 421,085 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in Parsons during the second quarter worth about $29,302,000. Appian Way Asset Management LP raised its position in Parsons by 649.9% in the second quarter. Appian Way Asset Management LP now owns 394,855 shares of the company’s stock worth $32,303,000 after acquiring an additional 342,200 shares in the last quarter. Finally, SW Investment Management LLC acquired a new stake in Parsons in the 4th quarter valued at about $20,381,000. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Stock Performance

Parsons stock opened at $106.09 on Thursday. 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 has a 12 month low of $55.22 and a 12 month high of $107.00. The company has a fifty day moving average price of $95.34 and a two-hundred day moving average price of $84.62. The company has a market cap of $11.26 billion, a PE ratio of 589.42, a P/E/G ratio of 2.28 and a beta of 0.80.

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

About Parsons

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.