Parsons (NYSE:PSN) Reaches New 12-Month High – Still a Buy?

Shares of Parsons Co. (NYSE:PSN) reached a new 52-week high on Wednesday . The company traded as high as $114.27 and last traded at $113.85, with a volume of 4579 shares traded. The stock had previously closed at $111.38.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PSN. Raymond James lowered 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. Benchmark boosted their target price on shares of Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Robert W. Baird lifted their price target on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Truist Financial restated a “buy” rating and issued a $108.00 price objective (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. Finally, KeyCorp upped their price target on Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Parsons currently has an average rating of “Moderate Buy” and a consensus target price of $102.11.

Parsons Trading Down 0.6 %

The company has a market capitalization of $11.75 billion, a PE ratio of 169.93, a PEG ratio of 2.36 and a beta of 0.80. The stock has a fifty day moving average of $102.46 and a 200 day moving average of $88.62. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, October 30th. The company reported $0.80 EPS 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 the consensus estimate of $1.63 billion. Parsons had a return on equity of 12.74% and a net margin of 1.21%. As a group, sell-side analysts predict that Parsons Co. will post 2.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Parsons

A number of hedge funds have recently bought and sold shares of PSN. Janney Montgomery Scott LLC purchased a new position in Parsons in the first quarter worth about $1,451,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in Parsons during the first quarter worth $290,000. Quantbot Technologies LP increased its position in Parsons by 33.9% during the first quarter. Quantbot Technologies LP now owns 50,543 shares of the company’s stock valued at $4,193,000 after acquiring an additional 12,784 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Parsons by 872.4% in the first quarter. SG Americas Securities LLC now owns 39,586 shares of the company’s stock valued at $3,284,000 after acquiring an additional 35,515 shares during the period. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of Parsons in the first quarter valued at $1,064,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

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.