Parsons (NYSE:PSN) Hits New 52-Week High – Still a Buy?

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

Analysts Set New Price Targets

Several research analysts have commented on PSN shares. KeyCorp raised their target price on shares of Parsons from $99.00 to $116.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Benchmark lifted their price objective on shares of Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Robert W. Baird increased their target price on Parsons from $89.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Stifel Nicolaus raised their target price on Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Finally, Truist Financial reissued 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. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $96.78.

Parsons Stock Down 0.4 %

The company has a debt-to-equity ratio of 0.54, a current ratio of 1.80 and a quick ratio of 1.80. The stock has a market cap of $15.87 billion, a price-to-earnings ratio of 603.39, a P/E/G ratio of 2.31 and a beta of 0.80. The business has a fifty day moving average of $98.27 and a 200 day moving average of $85.83.

Parsons (NYSE:PSN) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $1.53 billion. On average, equities analysts predict that Parsons Co. will post 2.88 earnings per share for the current year.

Institutional Investors Weigh In On Parsons

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Seaside Wealth Management Inc. bought a new position in shares of Parsons during the 1st quarter worth about $1,240,000. Tidal Investments LLC acquired a new position in Parsons in the 1st quarter valued at approximately $853,000. Russell Investments Group Ltd. lifted its position in shares of Parsons by 17,130.4% in the 1st quarter. Russell Investments Group Ltd. now owns 9,649 shares of the company’s stock worth $800,000 after acquiring an additional 9,593 shares during the period. Hennessy Advisors Inc. grew its holdings in shares of Parsons by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 437,900 shares of the company’s stock worth $36,324,000 after purchasing an additional 54,200 shares in the last quarter. Finally, Peregrine Asset Advisers Inc. bought a new stake in shares of Parsons during the second quarter valued at approximately $4,417,000. 98.02% of the stock is 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.