KeyCorp Boosts Parsons (NYSE:PSN) Price Target to $116.00

Parsons (NYSE:PSN) had its target price hoisted by KeyCorp from $99.00 to $116.00 in a research report released on Tuesday, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also weighed in on the company. Robert W. Baird increased their target price on Parsons from $89.00 to $103.00 and gave the stock an outperform rating in a research report on Thursday, August 1st. Truist Financial reaffirmed a buy rating and issued a $108.00 price objective (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. Stifel Nicolaus boosted their target price on shares of Parsons from $95.00 to $97.00 and gave the company a buy rating in a research note on Tuesday, June 25th. Finally, Benchmark upped their target price on shares of Parsons from $68.00 to $101.00 and gave the stock a buy rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Parsons has an average rating of Buy and an average target price of $96.78.

Parsons Stock Down 2.0 %

Shares of NYSE:PSN opened at $105.08 on Tuesday. Parsons has a 1-year low of $55.22 and a 1-year high of $107.67. The company’s fifty day moving average is $96.82 and its two-hundred day moving average is $85.11. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.80 and a current ratio of 1.80. The stock has a market capitalization of $11.16 billion, a price-to-earnings ratio of 244.38, a price-to-earnings-growth ratio of 2.31 and a beta of 0.80.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.18. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Parsons had a net margin of 0.89% and a return on equity of 12.09%. Equities analysts anticipate that Parsons will post 2.88 EPS for the current year.

Institutional Trading of Parsons

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Parsons by 10.2% during the first quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock valued at $376,997,000 after acquiring an additional 421,085 shares during the period. Earnest Partners LLC increased its position in shares of Parsons by 2.4% during the 2nd quarter. Earnest Partners LLC now owns 2,168,598 shares of the company’s stock valued at $177,413,000 after purchasing an additional 49,891 shares during the period. Principal Financial Group Inc. raised its stake in shares of Parsons by 0.5% in the 2nd quarter. Principal Financial Group Inc. now owns 1,009,826 shares of the company’s stock worth $82,614,000 after buying an additional 4,686 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Parsons by 22.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 694,704 shares of the company’s stock worth $56,834,000 after buying an additional 128,061 shares in the last quarter. Finally, Hennessy Advisors Inc. lifted its holdings in shares of Parsons by 18.1% in the second quarter. Hennessy Advisors Inc. now owns 517,100 shares of the company’s stock valued at $42,304,000 after buying an additional 79,200 shares during the period. 98.02% of the stock is currently owned by institutional investors.

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.