ASGN (NYSE:ASGN) Stock Price Down 3.4% – Here’s Why

ASGN Incorporated (NYSE:ASGN) shares dropped 3.4% during trading on Friday . The company traded as low as $95.19 and last traded at $95.39. Approximately 89,470 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 290,316 shares. The stock had previously closed at $98.71.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ASGN shares. Jefferies Financial Group lowered their target price on ASGN from $95.00 to $88.00 and set a “hold” rating for the company in a report on Monday, September 9th. Canaccord Genuity Group reiterated a “buy” rating and issued a $115.00 target price on shares of ASGN in a report on Thursday, July 25th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, ASGN currently has an average rating of “Hold” and a consensus target price of $97.22.

ASGN Stock Down 3.2 %

The company has a market cap of $4.38 billion, a P/E ratio of 22.84 and a beta of 1.40. The stock’s 50-day moving average price is $93.23 and its 200-day moving average price is $94.20. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.57.

ASGN (NYSE:ASGN) last issued its earnings results on Wednesday, July 24th. The business services provider reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.03. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.05 billion. ASGN had a return on equity of 14.30% and a net margin of 4.56%. The firm’s revenue was down 8.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.59 EPS. As a group, research analysts forecast that ASGN Incorporated will post 5.14 EPS for the current year.

Insider Transactions at ASGN

In related news, Director Arshad Matin sold 2,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $92.51, for a total transaction of $185,020.00. Following the completion of the sale, the director now directly owns 11,645 shares of the company’s stock, valued at approximately $1,077,278.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Jonathan S. Holman sold 503 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $90.45, for a total transaction of $45,496.35. Following the completion of the transaction, the director now directly owns 10,821 shares of the company’s stock, valued at $978,759.45. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arshad Matin sold 2,000 shares of the business’s stock in a transaction on Friday, September 13th. The shares were 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 owns 11,645 shares in the company, valued at approximately $1,077,278.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On ASGN

Several hedge funds have recently made changes to their positions in the stock. Argent Capital Management LLC grew its stake in shares of ASGN by 10.7% during the first quarter. Argent Capital Management LLC now owns 6,549 shares of the business services provider’s stock valued at $686,000 after buying an additional 632 shares during the last quarter. LRI Investments LLC purchased a new position in ASGN during the first quarter valued at $154,000. Handelsbanken Fonder AB lifted its position in ASGN by 28.2% during the third quarter. Handelsbanken Fonder AB now owns 11,823 shares of the business services provider’s stock valued at $1,102,000 after buying an additional 2,600 shares during the period. Meadow Creek Wealth Advisors LLC purchased a new position in shares of ASGN in the 1st quarter worth about $512,000. Finally, SG Americas Securities LLC raised its position in shares of ASGN by 1,851.6% in the 2nd quarter. SG Americas Securities LLC now owns 19,887 shares of the business services provider’s stock worth $1,753,000 after purchasing an additional 18,868 shares during the last quarter. 95.36% of the stock is currently owned by hedge funds and other institutional investors.

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.