Parsons (NYSE:PSN) Upgraded at TD Cowen

TD Cowen upgraded shares of Parsons (NYSE:PSN) to a strong-buy rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other brokerages also recently commented on PSN. KeyCorp increased their target price on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. The Goldman Sachs Group raised shares of Parsons from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $103.00 to $111.00 in a research report on Thursday, December 12th. Truist Financial reduced their target price on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Raymond James lowered Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price target on the stock. in a report on Wednesday, October 23rd. Finally, Robert W. Baird upped their price objective on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $108.88.

Parsons Price Performance

PSN stock opened at $95.68 on Thursday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. The business has a 50-day simple moving average of $102.14 and a two-hundred day simple moving average of $93.56. The company has a market capitalization of $10.16 billion, a P/E ratio of 144.97, a price-to-earnings-growth ratio of 1.72 and a beta of 0.74. Parsons has a 52-week low of $61.35 and a 52-week high of $114.68.

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

Institutional Trading of Parsons

Several hedge funds and other institutional investors have recently modified their holdings of PSN. Fisher Asset Management LLC grew its stake in Parsons by 2.1% in the 3rd quarter. Fisher Asset Management LLC now owns 4,364 shares of the company’s stock valued at $452,000 after buying an additional 90 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Parsons by 3.2% in the third quarter. CIBC Asset Management Inc now owns 3,124 shares of the company’s stock worth $324,000 after acquiring an additional 96 shares during the period. Chartwell Investment Partners LLC grew its position in shares of Parsons by 0.8% in the third quarter. Chartwell Investment Partners LLC now owns 14,536 shares of the company’s stock valued at $1,507,000 after purchasing an additional 117 shares in the last quarter. AE Wealth Management LLC raised its stake in shares of Parsons by 2.7% during the 2nd quarter. AE Wealth Management LLC now owns 5,763 shares of the company’s stock valued at $471,000 after purchasing an additional 150 shares during the period. Finally, Assetmark Inc. lifted its holdings in Parsons by 10.7% during the 3rd quarter. Assetmark Inc. now owns 2,750 shares of the company’s stock worth $285,000 after purchasing an additional 265 shares in the last quarter. 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.