Parsons (NYSE:PSN) Sets New 12-Month High – Here’s Why

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Robert W. Baird boosted their price objective 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. Truist Financial reaffirmed a “buy” rating and set a $108.00 price target (up from $100.00) on shares of Parsons in a research report on Thursday, August 1st. Stifel Nicolaus upped their price objective on shares of Parsons from $95.00 to $97.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. Benchmark upped their price objective on shares of Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, KeyCorp upped their price objective on shares of Parsons from $99.00 to $116.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $96.78.

Parsons Stock Up 0.7 %

The firm’s 50 day simple moving average is $97.51 and its 200 day simple moving average is $85.47. The company has a market cap of $15.82 billion, a price-to-earnings ratio of 594.72, a price-to-earnings-growth ratio of 2.31 and a beta of 0.80. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.54.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.18. The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Parsons had a net margin of 0.89% and a return on equity of 12.09%. Sell-side analysts anticipate that Parsons Co. will post 2.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Parsons

A number of large investors have recently modified their holdings of PSN. Tanglewood Legacy Advisors LLC bought a new stake in Parsons in the second quarter valued at approximately $44,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Parsons during the first quarter worth $62,000. Blue Trust Inc. increased its position in shares of Parsons by 23.6% during the second quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock worth $86,000 after acquiring an additional 199 shares in the last quarter. EntryPoint Capital LLC increased its position in shares of 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 in the last quarter. Finally, Covestor Ltd increased its position in shares of Parsons by 109.9% during the first quarter. Covestor Ltd now owns 1,604 shares of the company’s stock worth $133,000 after acquiring an additional 840 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

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.