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

TD Cowen upgraded shares of Parsons (NYSE:PSN) from a hold rating to a buy rating in a report published on Friday morning, Marketbeat.com reports. The brokerage currently has $90.00 price objective on the stock, up from their prior price objective of $77.00.

Other research analysts have also issued reports about the stock. Robert W. Baird upped their target price on shares of Parsons from $85.00 to $89.00 and gave the company an outperform rating in a report on Thursday. Truist Financial increased their price objective on shares of Parsons from $84.00 to $100.00 and gave the stock a buy rating in a report on Tuesday, April 9th. The Goldman Sachs Group increased their target price on shares of Parsons from $73.00 to $81.00 and gave the stock a neutral rating in a research report on Tuesday, April 16th. Raymond James raised shares of Parsons from an outperform rating to a strong-buy rating and increased their target price for the stock from $82.00 to $95.00 in a research report on Wednesday. Finally, Benchmark reissued a buy rating and set a $68.00 target price on shares of Parsons in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Buy and a consensus price target of $83.10.

Parsons Price Performance

Shares of Parsons stock traded up $1.17 on Friday, hitting $78.47. The company’s stock had a trading volume of 801,569 shares, compared to its average volume of 762,251. Parsons has a 52-week low of $42.79 and a 52-week high of $85.44. The company has a quick ratio of 1.52, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. The firm has a fifty day moving average price of $80.90 and a 200-day moving average price of $69.80. The company has a market capitalization of $8.30 billion, a P/E ratio of 435.91, a price-to-earnings-growth ratio of 3.44 and a beta of 0.86.

Parsons (NYSE:PSN) last released its quarterly earnings data on Wednesday, February 14th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.56 by $0.13. Parsons had a net margin of 0.49% and a return on equity of 11.27%. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the firm earned $0.45 EPS. The business’s revenue for the quarter was up 36.4% compared to the same quarter last year. On average, equities research analysts expect that Parsons will post 2.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Parsons

Several institutional investors and hedge funds have recently made changes to their positions in the business. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Parsons during the 1st quarter valued at approximately $290,000. GSA Capital Partners LLP boosted its stake in shares of Parsons by 267.0% during the 1st quarter. GSA Capital Partners LLP now owns 29,657 shares of the company’s stock valued at $2,460,000 after buying an additional 21,575 shares during the last quarter. Pullen Investment Management LLC purchased a new position in shares of Parsons during the 1st quarter valued at approximately $1,080,000. Janney Montgomery Scott LLC purchased a new position in shares of Parsons during the 1st quarter valued at approximately $1,451,000. Finally, Van ECK Associates Corp boosted its stake in shares of Parsons by 276.2% during the 1st quarter. Van ECK Associates Corp now owns 144,127 shares of the company’s stock valued at $11,955,000 after buying an additional 105,812 shares during the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

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.