FY2023 EPS Estimates for Parsons Co. Raised by Analyst (NYSE:PSN)

Posted by on Jun 9th, 2022

Parsons Co. (NYSE:PSN – Get Rating) – Analysts at Jefferies Financial Group upped their FY2023 earnings per share (EPS) estimates for shares of Parsons in a note issued to investors on Tuesday, June 7th. Jefferies Financial Group analyst G. Konrad now anticipates that the company will earn $1.84 per share for the year, up from their previous estimate of $1.74. Jefferies Financial Group also issued estimates for Parsons’ FY2024 earnings at $2.03 EPS.

Parsons (NYSE:PSN – Get Rating) last issued its earnings results on Wednesday, May 4th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. Parsons had a return on equity of 8.66% and a net margin of 2.03%. The company had revenue of $949.10 million for the quarter, compared to analyst estimates of $885.54 million. During the same period in the prior year, the firm earned $0.29 earnings per share. Parsons’s revenue for the quarter was up 8.5% on a year-over-year basis.

Other equities analysts have also issued reports about the company. Bank of America raised Parsons from an “underperform” rating to a “neutral” rating and set a $39.00 target price on the stock in a research report on Friday, March 11th. Raymond James assumed coverage on Parsons in a research report on Friday, March 4th. They issued an “outperform” rating and a $43.00 price target for the company. Stifel Nicolaus assumed coverage on Parsons in a research report on Thursday, March 17th. They issued a “buy” rating for the company. Truist Financial lowered Parsons from a “buy” rating to a “hold” rating and set a $42.00 price target for the company. in a research report on Friday, April 22nd. Finally, TheStreet lowered Parsons from a “b” rating to a “c+” rating in a research report on Friday, May 13th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $40.20.

Shares of NYSE:PSN opened at $40.62 on Thursday. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.30. Parsons has a twelve month low of $29.25 and a twelve month high of $41.84. The stock’s 50 day moving average is $38.25 and its 200-day moving average is $35.41. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of 58.87, a PEG ratio of 2.18 and a beta of 0.94.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Guggenheim Capital LLC raised its holdings in shares of Parsons by 1.8% in the 1st quarter. Guggenheim Capital LLC now owns 15,193 shares of the company’s stock valued at $588,000 after acquiring an additional 269 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Parsons by 1.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 31,181 shares of the company’s stock valued at $1,049,000 after acquiring an additional 403 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in shares of Parsons by 2.4% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 17,487 shares of the company’s stock valued at $677,000 after acquiring an additional 407 shares in the last quarter. Voya Investment Management LLC raised its holdings in shares of Parsons by 4.9% in the 3rd quarter. Voya Investment Management LLC now owns 9,511 shares of the company’s stock valued at $321,000 after acquiring an additional 445 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of Parsons by 1.3% in the 4th quarter. California State Teachers Retirement System now owns 35,865 shares of the company’s stock valued at $1,207,000 after acquiring an additional 466 shares in the last quarter. Institutional investors and hedge funds own 98.44% of the company’s stock.

Parsons Company Profile (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.

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