Parsons (NYSE:PSN) Upgraded to “Buy” by TD Cowen

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

Several other equities analysts have also recently weighed in on PSN. Robert W. Baird raised their target price on shares of Parsons from $85.00 to $89.00 and gave the company an outperform rating in a research note on Thursday. Truist Financial raised their target price on shares of Parsons from $84.00 to $100.00 and gave the company a buy rating in a research note on Tuesday, April 9th. The Goldman Sachs Group raised their target price on shares of Parsons from $73.00 to $81.00 and gave the company a neutral rating in a research note on Tuesday, April 16th. KeyCorp raised their target price on shares of Parsons from $89.00 to $90.00 and gave the company an overweight rating in a research note on Friday, April 19th. Finally, Benchmark reaffirmed a buy rating and set a $68.00 target price on shares of Parsons in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of Buy and a consensus target price of $83.10.

Parsons Price Performance

Shares of NYSE PSN traded up $1.17 during midday trading on Friday, reaching $78.47. The stock had a trading volume of 801,569 shares, compared to its average volume of 762,251. The stock has a 50-day moving average of $80.90 and a 200-day moving average of $69.80. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.52 and a current ratio of 1.79. The company has a market capitalization of $8.30 billion, a price-to-earnings ratio of 435.91, a price-to-earnings-growth ratio of 3.44 and a beta of 0.86. Parsons has a 12-month low of $42.79 and a 12-month high of $85.44.

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

Hedge Funds Weigh In On Parsons

Several institutional investors have recently bought and sold shares of PSN. Vanguard Group Inc. lifted its holdings in shares of Parsons by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 4,119,811 shares of the company’s stock worth $223,912,000 after acquiring an additional 131,617 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Parsons by 8.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,393,813 shares of the company’s stock worth $87,407,000 after acquiring an additional 105,648 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Parsons by 162.5% in the 1st quarter. Principal Financial Group Inc. now owns 1,005,140 shares of the company’s stock worth $83,376,000 after acquiring an additional 622,243 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Parsons by 9.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 927,251 shares of the company’s stock worth $58,148,000 after acquiring an additional 77,010 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Parsons in the 4th quarter worth about $37,854,000. Institutional investors 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.