Brokerages Set Parsons Corporation (NYSE:PSN) Target Price at $92.82

Parsons Corporation (NYSE:PSN) has received an average rating of “Moderate Buy” from the fifteen analysts that are currently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $89.1818.

PSN has been the subject of several research reports. William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 20th. Truist Financial cut their price target on shares of Parsons from $100.00 to $90.00 and set a “buy” rating for the company in a report on Friday. KeyCorp lowered their price objective on shares of Parsons from $93.00 to $81.00 and set an “overweight” rating on the stock in a research note on Monday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Parsons in a report on Wednesday, October 8th. Finally, Robert W. Baird reduced their target price on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating for the company in a report on Monday.

Parsons Price Performance

NYSE PSN opened at $63.36 on Tuesday. Parsons has a 12 month low of $54.56 and a 12 month high of $99.04. The firm has a market capitalization of $6.75 billion, a PE ratio of 29.06, a P/E/G ratio of 3.45 and a beta of 0.65. The company’s 50 day simple moving average is $83.46 and its 200 day simple moving average is $77.73. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.67 and a quick ratio of 1.67.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, November 5th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.12. Parsons had a return on equity of 11.98% and a net margin of 3.69%.The firm had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the prior year, the firm posted $0.95 earnings per share. The firm’s revenue for the quarter was down 10.4% compared to the same quarter last year. As a group, equities research analysts forecast that Parsons will post 3.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Parsons

A number of hedge funds have recently modified their holdings of PSN. PNC Financial Services Group Inc. lifted its holdings in shares of Parsons by 19.2% during the first quarter. PNC Financial Services Group Inc. now owns 7,007 shares of the company’s stock valued at $415,000 after purchasing an additional 1,131 shares during the last quarter. Blair William & Co. IL raised its holdings in Parsons by 1,446.8% during the 1st quarter. Blair William & Co. IL now owns 164,361 shares of the company’s stock worth $9,732,000 after buying an additional 153,735 shares during the period. Vanguard Group Inc. lifted its stake in Parsons by 8.2% during the first quarter. Vanguard Group Inc. now owns 4,952,299 shares of the company’s stock valued at $293,226,000 after buying an additional 376,764 shares in the last quarter. Primecap Management Co. CA acquired a new position in shares of Parsons in the first quarter worth about $19,824,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Parsons by 5.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 446,931 shares of the company’s stock worth $26,463,000 after acquiring an additional 21,709 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

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.