Parsons (NYSE:PSN) Lifted to Buy at TD Cowen

TD Cowen upgraded shares of Parsons (NYSE:PSN) from a hold rating to a buy rating in a research note issued to investors on Friday morning, MarketBeat.com reports. TD Cowen currently has $90.00 price objective on the stock, up from their previous price objective of $77.00.

Several other research firms also recently issued reports on PSN. Benchmark restated a buy rating and set a $68.00 price objective on shares of Parsons in a report on Thursday, April 4th. Truist Financial increased their price objective on shares of Parsons from $84.00 to $100.00 and gave the company a buy rating in a research note on Tuesday, April 9th. KeyCorp increased their price target on shares of Parsons from $89.00 to $90.00 and gave the stock an overweight rating in a research report on Friday, April 19th. Raymond James upgraded Parsons from an outperform rating to a strong-buy rating and lifted their target price for the stock from $82.00 to $95.00 in a research report on Wednesday, May 1st. Finally, The Goldman Sachs Group upped their price target on Parsons from $73.00 to $81.00 and gave the company a neutral rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Buy and a consensus price target of $83.10.

Parsons Stock Up 1.4 %

NYSE PSN opened at $79.60 on Friday. The business has a 50 day moving average price of $80.88 and a two-hundred day moving average price of $70.12. Parsons has a fifty-two week low of $42.79 and a fifty-two week high of $85.44. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. The stock has a market cap of $8.42 billion, a PE ratio of 442.25, a P/E/G ratio of 2.92 and a beta of 0.86.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.13. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.33 billion. Parsons had a net margin of 0.49% and a return on equity of 11.27%. The firm’s quarterly revenue was up 36.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 EPS. As a group, sell-side analysts predict that Parsons will post 2.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Parsons

Hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its position in Parsons by 162.5% in 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 during the last quarter. Norges Bank acquired a new position in shares of Parsons during the fourth quarter worth approximately $37,854,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Parsons in the 3rd quarter worth approximately $27,952,000. Hennessy Advisors Inc. acquired a new stake in Parsons in the 4th quarter valued at approximately $24,062,000. Finally, SW Investment Management LLC bought a new stake in Parsons during the 4th quarter valued at $20,381,000. 98.02% of the stock is currently owned by institutional investors.

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.