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

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

Analysts Set New Price Targets

PSN has been the topic of a number of analyst reports. KeyCorp increased 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. Truist Financial restated a "buy" rating and set a $108.00 price target (up previously from $100.00) on shares of Parsons in a research note on Thursday, August 1st. Benchmark lifted 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. Raymond James downgraded Parsons from a "strong-buy" rating to an "outperform" rating and set a $115.00 target price on the stock. in a research note on Wednesday, October 23rd. Finally, Robert W. Baird lifted their price target on Parsons from $89.00 to $103.00 and gave the company an "outperform" rating in a research note on Thursday, August 1st. One research 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 stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $99.00.

Parsons Price Performance

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

Parsons (NYSE:PSN - Get Free Report) last released its earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.18. Parsons had a return on equity of 12.09% and a net margin of 0.89%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.53 billion. Sell-side analysts forecast that Parsons Co. will post 2.89 EPS for the current year.

Institutional Investors Weigh In On Parsons

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSN. Tidal Investments LLC acquired a new stake in shares of Parsons in the first quarter valued at about $853,000. Russell Investments Group Ltd. boosted its position in 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 acquiring an additional 9,593 shares during the period. Peregrine Asset Advisers Inc. acquired a new position in Parsons during the 2nd quarter worth $4,417,000. SG Americas Securities LLC boosted its position in Parsons by 872.4% during the 1st quarter. SG Americas Securities LLC now owns 39,586 shares of the company's stock worth $3,284,000 after acquiring an additional 35,515 shares during the period. Finally, Lisanti Capital Growth LLC bought a new stake in shares of Parsons in the 1st quarter worth $3,887,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

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.

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