ASGN (NYSE:ASGN) Trading 6.1% Higher – Here’s What Happened

Shares of ASGN Incorporated (NYSE:ASGN) traded up 6.1% during trading on Friday . The company traded as high as $90.60 and last traded at $89.63. 82,731 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 301,939 shares. The stock had previously closed at $84.50.

Wall Street Analysts Forecast Growth

ASGN has been the topic of several recent analyst reports. Jefferies Financial Group reduced their price objective on shares of ASGN from $95.00 to $88.00 and set a “hold” rating on the stock in a research note on Monday, September 9th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $115.00 price target on shares of ASGN in a research report on Thursday, October 24th. Finally, BMO Capital Markets upgraded ASGN from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $96.00 to $100.00 in a report on Friday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, ASGN currently has a consensus rating of “Hold” and a consensus target price of $97.89.

ASGN Price Performance

The business has a fifty day moving average of $93.61 and a 200 day moving average of $93.33. The firm has a market cap of $3.94 billion, a P/E ratio of 21.43 and a beta of 1.40. The company has a quick ratio of 2.25, a current ratio of 2.25 and a debt-to-equity ratio of 0.58.

ASGN (NYSE:ASGN) last posted its earnings results on Wednesday, October 23rd. The business services provider reported $1.43 earnings per share 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 business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the firm earned $1.68 EPS. The firm’s revenue was down 7.7% compared to the same quarter last year. On average, sell-side analysts anticipate that ASGN Incorporated will post 5.17 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Arshad Matin sold 2,000 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $92.51, for a total value of $185,020.00. Following the completion of the sale, the director now directly owns 11,645 shares in the company, valued at $1,077,278.95. The trade was a 14.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jonathan S. Holman sold 503 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $90.45, for a total value of $45,496.35. Following the completion of the transaction, the director now directly owns 10,821 shares in the company, valued at approximately $978,759.45. This represents a 4.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,763 shares of company stock valued at $1,398,986. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On ASGN

Several institutional investors and hedge funds have recently modified their holdings of the business. LRI Investments LLC acquired a new position in shares of ASGN during the 1st quarter worth approximately $154,000. Crossmark Global Holdings Inc. grew its position in ASGN by 17.3% during the third quarter. Crossmark Global Holdings Inc. now owns 5,414 shares of the business services provider’s stock worth $505,000 after buying an additional 800 shares in the last quarter. Argent Capital Management LLC increased its stake in ASGN by 43.8% during the 2nd quarter. Argent Capital Management LLC now owns 9,417 shares of the business services provider’s stock worth $830,000 after acquiring an additional 2,868 shares during the period. Handelsbanken Fonder AB raised its holdings in ASGN by 28.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 11,823 shares of the business services provider’s stock valued at $1,102,000 after acquiring an additional 2,600 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of ASGN by 1,851.6% during the 2nd quarter. SG Americas Securities LLC now owns 19,887 shares of the business services provider’s stock valued at $1,753,000 after acquiring an additional 18,868 shares during the period. 95.36% of the stock is currently owned by institutional investors and hedge funds.

About ASGN

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.