Parsons (NYSE:PSN) Hits New 52-Week High at $104.43

Parsons Co. (NYSE:PSN)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $104.43 and last traded at $103.48, with a volume of 216852 shares changing hands. The stock had previously closed at $103.68.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. KeyCorp increased their target price on Parsons from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Robert W. Baird upped their target price on shares of Parsons from $89.00 to $103.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Benchmark lifted their price objective on shares of Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Stifel Nicolaus increased their price target on Parsons from $95.00 to $97.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. Finally, Truist Financial restated a “buy” rating and set a $108.00 price target (up previously from $100.00) on shares of Parsons in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $94.67.

Parsons Stock Performance

The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $11.13 billion, a P/E ratio of 576.42, a P/E/G ratio of 2.18 and a beta of 0.80. The business has a fifty day moving average price of $93.11 and a 200-day moving average price of $83.94.

Parsons (NYSE:PSN) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $1.53 billion. On average, sell-side analysts expect that Parsons Co. will post 2.88 EPS 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 company. KP Management LLC boosted its stake in shares of Parsons by 25.0% during the second quarter. KP Management LLC now owns 25,000 shares of the company’s stock valued at $2,045,000 after purchasing an additional 5,000 shares during the period. Wellington Wealth Strategies LLC. bought a new position in Parsons in the 2nd quarter worth about $228,000. Creative Planning raised its stake in shares of Parsons by 42.4% during the second quarter. Creative Planning now owns 7,381 shares of the company’s stock valued at $604,000 after acquiring an additional 2,198 shares in the last quarter. Algert Global LLC boosted its holdings in shares of Parsons by 30.0% in the second quarter. Algert Global LLC now owns 55,825 shares of the company’s stock valued at $4,567,000 after purchasing an additional 12,875 shares during the period. Finally, Driehaus Capital Management LLC bought a new position in Parsons in the second quarter worth approximately $29,302,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

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.