ASGN (NYSE:ASGN) Stock Price Down 5% – Here’s Why

ASGN Incorporated (NYSE:ASGN)’s stock price was down 5% during mid-day trading on Wednesday . The stock traded as low as $68.53 and last traded at $67.70. 36,533 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 345,289 shares. The stock had previously closed at $71.26.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ASGN shares. BMO Capital Markets upgraded ASGN from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $96.00 to $100.00 in a research report on Friday, November 22nd. StockNews.com downgraded shares of ASGN from a “buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, ASGN presently has an average rating of “Hold” and a consensus target price of $101.75.

ASGN Stock Performance

The company has a quick ratio of 2.25, a current ratio of 2.25 and a debt-to-equity ratio of 0.58. The stock has a market cap of $2.99 billion, a P/E ratio of 17.78 and a beta of 1.34. The stock has a fifty day simple moving average of $80.68 and a 200-day simple moving average of $87.84.

ASGN (NYSE:ASGN) last released its earnings results on Wednesday, February 5th. The business services provider reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.07. ASGN had a return on equity of 13.22% and a net margin of 4.27%. Equities analysts expect that ASGN Incorporated will post 5.15 earnings per share for the current fiscal year.

Institutional Trading of ASGN

A number of institutional investors have recently bought and sold shares of ASGN. Pinebridge Investments L.P. raised its stake in shares of ASGN by 42.7% in the fourth quarter. Pinebridge Investments L.P. now owns 21,983 shares of the business services provider’s stock worth $1,832,000 after purchasing an additional 6,576 shares during the last quarter. Cibc World Markets Corp bought a new stake in shares of ASGN during the 4th quarter valued at about $337,000. Entropy Technologies LP purchased a new stake in shares of ASGN during the fourth quarter valued at approximately $299,000. Argent Capital Management LLC raised its position in shares of ASGN by 31.6% in the 4th quarter. Argent Capital Management LLC now owns 13,898 shares of the business services provider’s stock worth $1,158,000 after acquiring an additional 3,339 shares in the last quarter. Finally, Cim Investment Management Inc. purchased a new stake in shares of ASGN during the third quarter valued at approximately $205,000. 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.