Parsons (NYSE:PSN) Hits New 1-Year High – Still a Buy?

Parsons Co. (NYSE:PSN)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $110.83 and last traded at $110.04, with a volume of 500881 shares traded. The stock had previously closed at $105.03.

Analysts Set New Price Targets

Several research analysts recently weighed in on PSN shares. KeyCorp upped their price target on Parsons from $99.00 to $116.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Robert W. Baird boosted their price objective on Parsons from $89.00 to $103.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Benchmark boosted their price objective on Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Truist Financial reaffirmed a “buy” rating and issued a $108.00 price target (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. Finally, Raymond James cut Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price for the company. in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Parsons currently has an average rating of “Moderate Buy” and a consensus target price of $99.00.

Parsons Stock Performance

The firm has a market capitalization of $15.96 billion, a P/E ratio of 620.44, a price-to-earnings-growth ratio of 2.24 and a beta of 0.80. The stock has a 50-day moving average of $100.99 and a 200 day moving average of $87.52. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.80 and a current ratio of 1.80.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.18. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.53 billion. Parsons had a return on equity of 12.09% and a net margin of 0.89%. On average, research analysts anticipate that Parsons Co. will post 2.89 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp boosted its position in Parsons by 26.3% in the 3rd quarter. Van ECK Associates Corp now owns 360,896 shares of the company’s stock valued at $37,670,000 after buying an additional 75,096 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Parsons by 180.9% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 72,958 shares of the company’s stock worth $7,564,000 after purchasing an additional 46,988 shares during the last quarter. Roanoke Asset Management Corp NY boosted its position in shares of Parsons by 55.7% in the 3rd quarter. Roanoke Asset Management Corp NY now owns 38,735 shares of the company’s stock worth $4,016,000 after purchasing an additional 13,850 shares during the last quarter. New York State Teachers Retirement System bought a new position in shares of Parsons in the 3rd quarter worth $1,110,000. Finally, Strategic Blueprint LLC bought a new position in shares of Parsons in the 3rd quarter worth $1,083,000. 98.02% of the stock is currently owned by institutional investors.

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.