Parsons (NYSE:PSN) Upgraded at Robert W. Baird

Key Points

• Parsons has been upgraded from a "neutral" rating to an "outperform" rating by Robert W. Baird, with a target price of $92.00, indicating a potential upside of 21.23% from its previous close.
• The company reported earnings of $0.78 per share for the last quarter, surpassing expectations, but saw a 5.1% decline in revenue year-over-year.
• Parsons has received mixed price adjustments from various analysts, with target prices ranging from $80.00 to $95.00, reflecting varied outlooks on the stock's performance.

Parsons (NYSE:PSN - Get Free Report) was upgraded by equities researchers at Robert W. Baird from a "neutral" rating to an "outperform" rating in a research report issued on Thursday, Marketbeat reports. The firm currently has a $92.00 target price on the stock. Robert W. Baird's price target would suggest a potential upside of 21.23% from the stock's previous close.

Other equities analysts have also recently issued reports about the company. The Goldman Sachs Group decreased their target price on Parsons from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Wednesday, June 4th. Jefferies Financial Group raised their price objective on Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a research note on Wednesday, July 2nd. KeyCorp boosted their price objective on Parsons from $73.00 to $82.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Bank of America reduced their target price on shares of Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a report on Tuesday, June 3rd. Finally, Stifel Nicolaus assumed coverage on shares of Parsons in a report on Tuesday, June 24th. They set a "buy" rating and a $81.00 price target on the stock. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Parsons currently has an average rating of "Moderate Buy" and a consensus target price of $88.50.

Parsons Price Performance

NYSE PSN opened at $75.89 on Thursday. The company has a 50-day moving average price of $71.80 and a 200-day moving average price of $68.45. Parsons has a 52 week low of $54.56 and a 52 week high of $114.68. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $8.11 billion, a P/E ratio of 32.02, a PEG ratio of 4.73 and a beta of 0.58.

Parsons (NYSE:PSN - Get Free Report) last released 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 for the quarter, compared to the consensus estimate of $1.60 billion. Parsons had a net margin of 3.86% and a return on equity of 13.01%. The company's quarterly revenue was down 5.1% on a year-over-year basis. During the same period last year, the firm earned $0.84 earnings per share. Equities research analysts anticipate that Parsons will post 3.58 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSN. CIBC Private Wealth Group LLC bought a new position in shares of Parsons during the 4th quarter valued at about $25,000. National Bank of Canada FI purchased a new stake in shares of Parsons in the fourth quarter worth about $222,000. Geode Capital Management LLC boosted its stake in Parsons by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 778,892 shares of the company's stock valued at $71,875,000 after buying an additional 6,084 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Parsons by 5.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 150,597 shares of the company's stock valued at $13,893,000 after buying an additional 8,237 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new position in Parsons during the 4th quarter valued at approximately $25,000. 98.02% of the stock is currently owned by 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.