ASGN (NYSE:ASGN) Hits New 52-Week Low on Disappointing Earnings

ASGN Incorporated (NYSE:ASGN)’s stock price reached a new 52-week low during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $47.64 and last traded at $50.42, with a volume of 260119 shares trading hands. The stock had previously closed at $58.55.

The business services provider reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.03). ASGN had a net margin of 4.27% and a return on equity of 13.22%. The company had revenue of $968.30 million during the quarter, compared to analyst estimates of $971.00 million.

Wall Street Analyst Weigh In

ASGN has been the topic of a number of research analyst reports. Truist Financial cut their price objective on shares of ASGN from $105.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. StockNews.com downgraded shares of ASGN from a “buy” rating to a “hold” rating in a report on Tuesday, January 7th. Finally, UBS Group dropped their price target on ASGN from $56.00 to $54.00 and set a “sell” rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $89.33.

Institutional Trading of ASGN

A number of institutional investors have recently added to or reduced their stakes in the stock. J.Safra Asset Management Corp increased its holdings in shares of ASGN by 48.1% in the fourth quarter. J.Safra Asset Management Corp now owns 428 shares of the business services provider’s stock worth $36,000 after purchasing an additional 139 shares during the period. GAMMA Investing LLC increased its position in shares of ASGN by 662.8% during the 1st quarter. GAMMA Investing LLC now owns 1,045 shares of the business services provider’s stock valued at $66,000 after purchasing an additional 908 shares during the last quarter. Cim Investment Management Inc. purchased a new position in shares of ASGN during the 3rd quarter valued at about $205,000. Entropy Technologies LP bought a new stake in ASGN in the 4th quarter worth approximately $299,000. Finally, Cibc World Markets Corp purchased a new stake in ASGN in the fourth quarter worth approximately $337,000. Hedge funds and other institutional investors own 95.36% of the company’s stock.

ASGN Price Performance

The firm has a market capitalization of $2.28 billion, a P/E ratio of 13.49 and a beta of 1.20. 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 business’s 50-day simple moving average is $64.19 and its 200 day simple moving average is $80.60.

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.