Parsons (NYSE:PSN) Sets New 12-Month High – Still a Buy?

Parsons Co. (NYSE:PSN) reached a new 52-week high during trading on Wednesday . The company traded as high as $114.27 and last traded at $113.85, with a volume of 4579 shares traded. The stock had previously closed at $111.38.

Wall Street Analyst Weigh In

PSN has been the subject of several research analyst reports. Truist Financial reiterated a “buy” rating and issued a $108.00 price objective (up previously from $100.00) on shares of Parsons in a research report on Thursday, August 1st. Robert W. Baird lifted their target price on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. KeyCorp increased their price target on Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Raymond James cut Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective for the company. in a research note on Wednesday, October 23rd. Finally, Benchmark increased their target price on Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $102.11.

Parsons Stock Performance

The stock has a market cap of $11.97 billion, a P/E ratio of 170.61, a price-to-earnings-growth ratio of 2.28 and a beta of 0.80. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.55 and a quick ratio of 1.55. The stock’s 50 day simple moving average is $103.11 and its two-hundred day simple moving average is $88.93.

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

Hedge Funds Weigh In On Parsons

A number of large investors have recently bought and sold shares of the company. Tidal Investments LLC bought a new stake in shares of Parsons in the first quarter worth $853,000. Russell Investments Group Ltd. boosted its stake in shares of Parsons by 17,130.4% during the 1st quarter. Russell Investments Group Ltd. now owns 9,649 shares of the company’s stock worth $800,000 after buying an additional 9,593 shares during the last quarter. Peregrine Asset Advisers Inc. bought a new position in shares of Parsons in the 2nd quarter valued at about $4,417,000. SG Americas Securities LLC grew its holdings in shares of Parsons by 872.4% in the 1st quarter. SG Americas Securities LLC now owns 39,586 shares of the company’s stock valued at $3,284,000 after acquiring an additional 35,515 shares in the last quarter. Finally, Lisanti Capital Growth LLC acquired a new stake in shares of Parsons in the first quarter valued at about $3,887,000. Institutional investors and hedge funds 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.