Parsons (NYSE:PSN) Issues Earnings Results

Parsons (NYSE:PSN – Get Rating) issued its quarterly earnings data on Wednesday. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06, Briefing.com reports. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $930.97 million. Parsons had a net margin of 2.26% and a return on equity of 9.05%. The company’s revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 EPS. Parsons updated its FY 2022 guidance to EPS.

Parsons Stock Up 1.2 %

PSN stock traded up $0.49 during mid-day trading on Friday, hitting $41.99. 448,511 shares of the company were exchanged, compared to its average volume of 373,546. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.63 and a current ratio of 1.44. The firm has a market cap of $4.35 billion, a P/E ratio of 52.49, a P/E/G ratio of 2.15 and a beta of 0.83. The firm’s 50 day simple moving average is $40.29 and its 200 day simple moving average is $37.37. Parsons has a 1-year low of $29.25 and a 1-year high of $43.84.

Analysts Set New Price Targets

PSN has been the topic of several recent research reports. Morgan Stanley raised their target price on shares of Parsons from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Thursday. Raymond James raised their target price on shares of Parsons from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Thursday. TheStreet raised shares of Parsons from a “c+” rating to a “b-” rating in a research note on Tuesday, July 19th. The Goldman Sachs Group raised their target price on shares of Parsons from $35.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, April 14th. Finally, Truist Financial downgraded shares of Parsons from a “buy” rating to a “hold” rating and set a $42.00 price target on the stock. in a research report on Friday, April 22nd. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $41.20.

Institutional Trading of Parsons

Hedge funds have recently bought and sold shares of the stock. Group One Trading L.P. acquired a new stake in shares of Parsons in the first quarter valued at approximately $27,000. Covestor Ltd grew its stake in shares of Parsons by 93.3% in the first quarter. Covestor Ltd now owns 1,405 shares of the company’s stock valued at $54,000 after buying an additional 678 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Parsons in the first quarter valued at $109,000. Certified Advisory Corp bought a new position in shares of Parsons in the first quarter valued at $207,000. Finally, HighTower Advisors LLC bought a new position in shares of Parsons in the first quarter valued at $242,000. 98.44% of the stock is currently owned by institutional investors and hedge funds.

About Parsons

(Get Rating)

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. It operates through two segments, Federal Solutions and Critical Infrastructure. The company offers cyber security and intelligence services, as well as offensive and defensive cybersecurity platforms, tools, and operations to the U.S.