ASGN Incorporated (NYSE:ASGN) Sees Large Increase in Short Interest

ASGN Incorporated (NYSE:ASGN) was the target of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 1,960,000 shares, an increase of 6.5% from the December 15th total of 1,840,000 shares. Based on an average trading volume of 348,900 shares, the days-to-cover ratio is presently 5.6 days. Currently, 4.6% of the company’s stock are sold short.

ASGN Price Performance

Shares of NYSE:ASGN traded down $0.81 during trading hours on Friday, hitting $88.50. 311,355 shares of the company’s stock traded hands, compared to its average volume of 283,786. The company’s fifty day simple moving average is $87.85 and its two-hundred day simple moving average is $91.57. The company has a market cap of $3.91 billion, a price-to-earnings ratio of 22.40 and a beta of 1.38. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.25 and a current ratio of 2.25. ASGN has a 52 week low of $82.04 and a 52 week high of $106.42.

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

Analysts Set New Price Targets

ASGN has been the subject of several research reports. StockNews.com lowered shares of ASGN from a “buy” rating to a “hold” rating in a report on Tuesday, January 7th. Canaccord Genuity Group restated a “buy” rating and issued a $115.00 target price on shares of ASGN in a research note on Thursday, October 24th. Finally, BMO Capital Markets upgraded ASGN from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $96.00 to $100.00 in a research report on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ASGN presently has an average rating of “Hold” and a consensus price target of $101.75.

Insider Transactions at ASGN

In other ASGN news, CEO Theodore S. Hanson sold 1,200 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $99.64, for a total transaction of $119,568.00. Following the completion of the transaction, the chief executive officer now directly owns 288,855 shares of the company’s stock, valued at $28,781,512.20. This trade represents a 0.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Randolph C. Blazer sold 10,000 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $95.03, for a total transaction of $950,300.00. Following the completion of the sale, the president now owns 85,923 shares in the company, valued at approximately $8,165,262.69. This trade represents a 10.43 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,260 shares of company stock valued at $1,168,469. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ASGN

Institutional investors have recently bought and sold shares of the stock. Cim Investment Management Inc. acquired a new position in shares of ASGN in the third quarter worth about $205,000. Crossmark Global Holdings Inc. lifted its position in shares of ASGN by 17.3% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 5,414 shares of the business services provider’s stock valued at $505,000 after acquiring an additional 800 shares in the last quarter. Argent Capital Management LLC boosted its stake in ASGN by 12.1% in the 3rd quarter. Argent Capital Management LLC now owns 10,559 shares of the business services provider’s stock worth $984,000 after purchasing an additional 1,142 shares during the period. Handelsbanken Fonder AB grew its position in ASGN by 28.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 11,823 shares of the business services provider’s stock worth $1,102,000 after purchasing an additional 2,600 shares in the last quarter. Finally, Reinhart Partners LLC. raised its stake in ASGN by 7.2% during the 3rd quarter. Reinhart Partners LLC. now owns 588,999 shares of the business services provider’s stock valued at $54,912,000 after purchasing an additional 39,607 shares during the period. Hedge funds and other institutional investors own 95.36% of the company’s stock.

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.