Parsons Co. (NYSE:PSN) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Parsons Co. (NYSE:PSN) have received a consensus rating of “Buy” from the ten brokerages that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $83.10.

Several research firms have recently commented on PSN. KeyCorp raised their target price 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 shares of Parsons from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $82.00 to $95.00 in a research note on Wednesday, May 1st. Truist Financial lifted their target price on Parsons from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Benchmark reissued a “buy” rating and issued a $68.00 target price on shares of Parsons in a research report on Thursday, April 4th. Finally, TD Cowen upgraded shares of Parsons from a “hold” rating to a “buy” rating and lifted their price target for the stock from $77.00 to $90.00 in a research note on Friday.

Parsons Trading Up 1.5 %

Shares of PSN stock opened at $78.47 on Monday. The firm has a market cap of $8.30 billion, a P/E ratio of 435.97, a price-to-earnings-growth ratio of 3.49 and a beta of 0.86. The company has a quick ratio of 1.52, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. Parsons has a 12-month low of $42.79 and a 12-month high of $85.44. The business has a 50-day moving average price of $80.90 and a two-hundred day moving average price of $69.97.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.13. The business had revenue of $1.50 billion during 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 revenue for the quarter was up 36.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share. Equities analysts anticipate that Parsons will post 2.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Parsons

A number of large investors have recently made changes to their positions in PSN. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Parsons in the third quarter worth about $240,000. Stratos Wealth Partners LTD. increased its stake in shares of Parsons by 22.3% during the third quarter. Stratos Wealth Partners LTD. now owns 6,995 shares of the company’s stock worth $380,000 after purchasing an additional 1,274 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Parsons by 7.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,002 shares of the company’s stock valued at $1,087,000 after buying an additional 1,410 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in Parsons by 8.5% in the 3rd quarter. Teacher Retirement System of Texas now owns 17,329 shares of the company’s stock worth $942,000 after buying an additional 1,355 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC acquired a new position in shares of Parsons during the third quarter valued at approximately $204,000. 98.02% of the stock is owned by hedge funds and other 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.