Parsons (NYSE:PSN) Raised to “Strong-Buy” at TD Cowen

Parsons (NYSE:PSN) was upgraded by analysts at TD Cowen to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

PSN has been the topic of several other research reports. Robert W. Baird boosted their price target on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. The Goldman Sachs Group upgraded shares of Parsons from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $103.00 to $111.00 in a report on Thursday, December 12th. Truist Financial cut their price target on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. KeyCorp boosted their price objective on shares of Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, Raymond James downgraded shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price for the company. in a research note on Wednesday, October 23rd. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $108.88.

Parsons Stock Performance

Shares of PSN opened at $95.68 on Thursday. The stock has a market capitalization of $10.16 billion, a price-to-earnings ratio of 144.97, a PEG ratio of 1.72 and a beta of 0.74. Parsons has a 12 month low of $61.35 and a 12 month high of $114.68. The firm has a fifty day simple moving average of $102.14 and a 200 day simple moving average of $93.43. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.07. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.63 billion. Parsons had a net margin of 1.21% and a return on equity of 12.74%. Research analysts forecast that Parsons will post 3.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Parsons

A number of large investors have recently made changes to their positions in PSN. State Street Corp increased its position in Parsons by 60.6% during the third quarter. State Street Corp now owns 1,634,155 shares of the company’s stock worth $169,429,000 after acquiring an additional 616,707 shares during the period. Wedge Capital Management L L P NC acquired a new position in shares of Parsons during the 3rd quarter worth approximately $62,514,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Parsons by 61.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock worth $116,471,000 after purchasing an additional 428,662 shares during the period. Driehaus Capital Management LLC acquired a new stake in shares of Parsons in the second quarter valued at approximately $29,302,000. Finally, Appian Way Asset Management LP boosted its stake in shares of Parsons by 649.9% in the second quarter. Appian Way Asset Management LP now owns 394,855 shares of the company’s stock valued at $32,303,000 after buying an additional 342,200 shares during the period. 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.