ASGN (NYSE:ASGN) Sets New 12-Month Low – Here’s Why

Shares of ASGN Incorporated (NYSE:ASGN) hit a new 52-week low during trading on Wednesday . The company traded as low as $82.75 and last traded at $83.42, with a volume of 167905 shares. The stock had previously closed at $87.17.

Analyst Ratings Changes

ASGN has been the topic of several recent analyst reports. Canaccord Genuity Group reiterated a “buy” rating and issued a $115.00 price target on shares of ASGN in a report on Thursday, October 24th. BMO Capital Markets upgraded shares of ASGN from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $96.00 to $100.00 in a research report on Friday, November 22nd. Finally, Jefferies Financial Group lowered their price objective on shares of ASGN from $95.00 to $88.00 and set a “hold” rating for the company in a report on Monday, September 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $97.83.

ASGN Price Performance

The firm has a market cap of $3.71 billion, a P/E ratio of 21.23 and a beta of 1.37. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.25 and a quick ratio of 2.25. The firm’s 50 day moving average is $91.91 and its 200 day moving average is $92.15.

ASGN (NYSE:ASGN) last issued its quarterly earnings results on Wednesday, October 23rd. The business services provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.08. ASGN had a return on equity of 13.65% and a net margin of 4.37%. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the firm posted $1.68 EPS. The business’s revenue for the quarter was down 7.7% compared to the same quarter last year. As a group, analysts anticipate that ASGN Incorporated will post 5.17 earnings per share for the current year.

Insider Activity

In other ASGN news, CEO Theodore S. Hanson sold 1,200 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $99.64, for a total transaction of $119,568.00. Following the transaction, the chief executive officer now owns 288,855 shares in the company, valued at approximately $28,781,512.20. This represents a 0.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carol Lindstrom sold 1,060 shares of ASGN stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $93.02, for a total transaction of $98,601.20. Following the completion of the sale, the director now owns 4,579 shares of the company’s stock, valued at $425,938.58. This represents a 18.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,260 shares of company stock worth $1,168,469 over the last 90 days. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ASGN

Institutional investors and hedge funds have recently made changes to their positions in the business. Argent Capital Management LLC lifted its position in ASGN by 43.8% during the second quarter. Argent Capital Management LLC now owns 9,417 shares of the business services provider’s stock valued at $830,000 after purchasing an additional 2,868 shares in the last quarter. Handelsbanken Fonder AB raised its stake in shares of ASGN by 28.2% in the third quarter. Handelsbanken Fonder AB now owns 11,823 shares of the business services provider’s stock worth $1,102,000 after buying an additional 2,600 shares during the period. Reinhart Partners LLC. increased its stake in shares of ASGN by 7.2% in the third quarter. Reinhart Partners LLC. now owns 588,999 shares of the business services provider’s stock worth $54,912,000 after purchasing an additional 39,607 shares in the last quarter. Crossmark Global Holdings Inc. raised its position in shares of ASGN by 17.3% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 5,414 shares of the business services provider’s stock valued at $505,000 after purchasing an additional 800 shares during the period. Finally, Cim Investment Management Inc. purchased a new position in shares of ASGN during the 3rd quarter valued at $205,000. Hedge funds and other institutional investors own 95.36% of the company’s stock.

ASGN Company Profile

ASGN Incorporated engages in the provision of information technology (IT) services and solutions in the technology, digital, and creative fields for commercial and government sectors in the United States, Canada, and Europe. It operates through two segments: Commercial and Federal Government. The Commercial Segment provides consulting, creative digital marketing, and permanent placement services primarily to enterprise clients.