Parsons (NYSE:PSN) Given New $100.00 Price Target at Robert W. Baird

Parsons (NYSE:PSN) had its price objective increased by Robert W. Baird from $92.00 to $100.00 in a research note published on Wednesday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Raymond James Financial upgraded shares of Parsons from a “market perform” rating to a “strong-buy” rating and set a $90.00 price target on the stock in a research note on Tuesday, July 8th. Bank of America decreased their price target on shares of Parsons from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Tuesday, June 3rd. Zacks Research upgraded shares of Parsons from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 14th. The Goldman Sachs Group cut their price objective on Parsons from $90.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, June 4th. Finally, KeyCorp reissued an “overweight” rating and set a $84.00 price objective (up from $82.00) on shares of Parsons in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $89.50.

Parsons Stock Up 9.7%

PSN opened at $82.76 on Wednesday. Parsons has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.61 and a quick ratio of 1.61. The firm’s fifty day moving average price is $77.10 and its two-hundred day moving average price is $69.19. The company has a market capitalization of $8.84 billion, a P/E ratio of 36.95, a P/E/G ratio of 3.98 and a beta of 0.63.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.04. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the previous year, the company earned $0.84 earnings per share. The business’s revenue was down 5.1% compared to the same quarter last year. On average, analysts anticipate that Parsons will post 3.58 EPS for the current year.

Hedge Funds Weigh In On Parsons

Institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc acquired a new position in shares of Parsons during the 1st quarter worth about $27,000. UMB Bank n.a. grew its position in shares of Parsons by 238.7% in the 1st quarter. UMB Bank n.a. now owns 552 shares of the company’s stock valued at $33,000 after purchasing an additional 389 shares during the period. Fifth Third Bancorp grew its position in shares of Parsons by 1,803.4% in the 1st quarter. Fifth Third Bancorp now owns 552 shares of the company’s stock valued at $33,000 after purchasing an additional 523 shares during the period. Banque Transatlantique SA acquired a new position in shares of Parsons in the 1st quarter valued at approximately $34,000. Finally, True Wealth Design LLC grew its position in shares of Parsons by 63.9% in the 2nd quarter. True Wealth Design LLC now owns 485 shares of the company’s stock valued at $35,000 after purchasing an additional 189 shares during the period. 98.02% of the stock is currently 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.