Parsons (NYSE:PSN) Announces Earnings Results

Key Points

• Parsons Corporation reported a quarterly earnings per share of $0.78, exceeding the consensus estimate of $0.74 by $0.04, although their revenue declined 5.1% year-over-year to $1.58 billion.
• The company's stock rose 1.0%, reaching $77.64, with institutional investors holding 98.02% of its shares.
• Analysts maintain a consensus "Buy" rating for Parsons, with the average price target set at $88.70, reflecting positive sentiment despite a recent decline in earnings per share compared to the previous year.

Parsons (NYSE:PSN - Get Free Report) released its quarterly earnings data on Wednesday. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.04, Briefing.com reports. Parsons had a return on equity of 12.36% and a net margin of 3.70%. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same period last year, the company posted $0.84 EPS. The company's revenue was down 5.1% compared to the same quarter last year.

Parsons Price Performance

NYSE PSN traded up $1.23 on Tuesday, hitting $79.68. The stock had a trading volume of 332,052 shares, compared to its average volume of 1,410,078. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.61 and a current ratio of 1.61. Parsons has a 52-week low of $54.56 and a 52-week high of $114.68. The firm has a 50-day moving average of $72.78 and a 200-day moving average of $67.90. The company has a market capitalization of $8.51 billion, a price-to-earnings ratio of 35.57, a price-to-earnings-growth ratio of 4.77 and a beta of 0.58.

Institutional Trading of Parsons

An institutional investor recently raised its position in Parsons stock. NewEdge Advisors LLC grew its position in shares of Parsons Corporation (NYSE:PSN - Free Report) by 38.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 959 shares of the company's stock after purchasing an additional 264 shares during the quarter. NewEdge Advisors LLC's holdings in Parsons were worth $57,000 as of its most recent SEC filing. 98.02% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PSN. Bank of America decreased their target price on Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a research report on Tuesday, June 3rd. Truist Financial upped their target price on shares of Parsons from $80.00 to $90.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. KeyCorp reissued an "overweight" rating and issued a $84.00 price target (up previously from $82.00) on shares of Parsons in a report on Thursday, August 7th. Jefferies Financial Group upped their target price on shares of Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a research note on Wednesday, July 2nd. Finally, Robert W. Baird raised shares of Parsons from a "neutral" rating to an "outperform" rating and upped their target price for the company from $78.00 to $92.00 in a report on Thursday, August 7th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $88.70.

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.