Analysts Set Parsons Co. (NYSE:PSN) Target Price at $99.00

Shares of Parsons Co. (NYSE:PSN) have earned an average recommendation of “Moderate Buy” from the nine research firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $102.11.

PSN has been the topic of several research reports. Benchmark boosted their price objective on shares of Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Truist Financial reissued a “buy” rating and issued a $108.00 price target (up from $100.00) on shares of Parsons in a research report on Thursday, August 1st. KeyCorp raised their price objective on Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Thursday. Raymond James downgraded Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price on the stock. in a report on Wednesday, October 23rd. Finally, Robert W. Baird raised their price target on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday.

Parsons Stock Up 0.5 %

PSN stock opened at $108.72 on Monday. Parsons has a fifty-two week low of $60.38 and a fifty-two week high of $112.19. The company has a market capitalization of $11.54 billion, a price-to-earnings ratio of 164.73, a price-to-earnings-growth ratio of 2.37 and a beta of 0.80. The business’s 50 day moving average price is $101.84 and its two-hundred day moving average price is $88.03. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.80 and a current ratio of 1.80.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.07. Parsons had a return on equity of 12.88% and a net margin of 1.21%. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.63 billion. As a group, analysts forecast that Parsons will post 2.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Parsons

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Assetmark Inc. raised its holdings in shares of Parsons by 10.7% during the third quarter. Assetmark Inc. now owns 2,750 shares of the company’s stock valued at $285,000 after purchasing an additional 265 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Parsons in the third quarter worth $45,000. Principal Financial Group Inc. increased its position in Parsons by 18.1% during the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after acquiring an additional 183,117 shares during the last quarter. Amalgamated Bank lifted its holdings in Parsons by 193.0% in the third quarter. Amalgamated Bank now owns 22,251 shares of the company’s stock valued at $2,307,000 after acquiring an additional 14,658 shares during the period. Finally, Van ECK Associates Corp boosted its position in Parsons by 26.3% in the third quarter. Van ECK Associates Corp now owns 360,896 shares of the company’s stock worth $37,670,000 after purchasing an additional 75,096 shares during the last quarter. 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.