Parsons (NYSE:PSN) Hits New 52-Week High - Here's Why

Shares of Parsons Co. (NYSE:PSN - Get Free Report) 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.

Analyst Ratings Changes

PSN has been the topic of several research analyst reports. Truist Financial reiterated 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. KeyCorp increased their price objective on shares of Parsons from $99.00 to $116.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 8th. Benchmark upped their price target on shares of Parsons from $68.00 to $101.00 and gave the company a "buy" rating in a report on Thursday, August 1st. Raymond James lowered Parsons from a "strong-buy" rating to an "outperform" rating and set a $115.00 target price on the stock. in a report on Wednesday, October 23rd. Finally, Robert W. Baird raised their price objective on shares of Parsons from $89.00 to $103.00 and gave the stock an "outperform" rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Parsons has an average rating of "Moderate Buy" and an average price target of $99.00.

Parsons Trading Up 4.7 %

The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $16.14 billion, a price-to-earnings ratio of 611.11, a PEG ratio of 2.24 and a beta of 0.80. The company has a fifty day moving average price of $101.29 and a two-hundred day moving average price of $87.68.

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

Institutional Investors Weigh In On Parsons

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC purchased a new stake in Parsons in the 3rd quarter valued at about $33,000. Tanglewood Legacy Advisors LLC purchased a new stake in shares of Parsons in the 2nd quarter valued at $44,000. DekaBank Deutsche Girozentrale acquired a new position in Parsons during the 3rd quarter worth about $72,000. Blue Trust Inc. boosted its holdings in Parsons by 23.6% during the 2nd quarter. Blue Trust Inc. now owns 1,041 shares of the company's stock valued at $86,000 after acquiring an additional 199 shares during the period. Finally, EntryPoint Capital LLC grew its position in Parsons by 17.2% in the 1st quarter. EntryPoint Capital LLC now owns 1,334 shares of the company's stock valued at $111,000 after acquiring an additional 196 shares in the last quarter. 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.