Parsons (NYSE:PSN) Upgraded by Baird R W to "Strong-Buy" Rating

Key Points

• Baird R W upgraded Parsons (NYSE: PSN) from a "hold" rating to a "strong-buy" rating, indicating positive sentiment around the stock's potential performance.
• The average target price for Parsons has been set at $88.70, with several analysts adjusting their price targets and ratings, showing a majority positive outlook.
• Parsons reported earnings per share of $0.78 for the last quarter, which exceeded analysts' expectations, despite a year-over-year revenue decline of 5.1%.

Baird R W upgraded shares of Parsons (NYSE:PSN - Free Report) from a hold rating to a strong-buy rating in a report published on Thursday morning,Zacks.com reports.

Several other equities research analysts also recently weighed in on PSN. Raymond James Financial raised Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price target for the company in a report on Tuesday, July 8th. Truist Financial raised their price objective on Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Robert W. Baird upgraded Parsons from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $78.00 to $92.00 in a research note on Thursday. Bank of America reduced their price objective on Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a research note on Tuesday, June 3rd. Finally, KeyCorp restated an "overweight" rating and issued a $84.00 price objective (up from $82.00) on shares of Parsons in a research note on Thursday. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Parsons currently has an average rating of "Buy" and an average target price of $88.70.

Parsons Stock Up 1.0%

NYSE PSN traded up $0.77 during trading on Thursday, hitting $77.64. The company's stock had a trading volume of 964,569 shares, compared to its average volume of 984,583. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.61 and a quick ratio of 1.29. The company has a market cap of $8.30 billion, a PE ratio of 34.66, a P/E/G ratio of 4.77 and a beta of 0.58. The business's 50 day simple moving average is $72.48 and its 200-day simple moving average is $68.06. Parsons has a fifty-two week low of $54.56 and a fifty-two week high of $114.68.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.04. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.60 billion. Parsons had a return on equity of 12.36% and a net margin of 3.70%. The company's quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the company earned $0.84 earnings per share. On average, equities analysts anticipate that Parsons will post 3.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Aster Capital Management DIFC Ltd purchased a new position in Parsons during the fourth quarter valued at approximately $25,000. Quarry LP purchased a new stake in shares of Parsons in the fourth quarter valued at approximately $30,000. Versant Capital Management Inc purchased a new stake in shares of Parsons in the first quarter valued at approximately $27,000. True Wealth Design LLC increased its position in shares of Parsons by 63.9% in the second quarter. True Wealth Design LLC now owns 485 shares of the company's stock valued at $35,000 after buying an additional 189 shares in the last quarter. Finally, UMB Bank n.a. increased its position in shares of Parsons by 238.7% in the first quarter. UMB Bank n.a. now owns 552 shares of the company's stock valued at $33,000 after buying an additional 389 shares in the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

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.