ASGN (NYSE:ASGN) Trading Down 5.1% – Here’s Why

Shares of ASGN Incorporated (NYSE:ASGN) dropped 5.1% on Thursday . The stock traded as low as $88.53 and last traded at $88.49. Approximately 348,932 shares changed hands during mid-day trading, an increase of 19% from the average daily volume of 292,997 shares. The stock had previously closed at $93.22.

Analysts Set New Price Targets

Several research firms recently weighed in on ASGN. Canaccord Genuity Group reaffirmed a “buy” rating and set a $115.00 target price on shares of ASGN in a research note on Thursday, October 24th. StockNews.com lowered ASGN from a “buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Finally, BMO Capital Markets raised ASGN from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $96.00 to $100.00 in a report on Friday, November 22nd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, ASGN currently has an average rating of “Hold” and an average target price of $101.75.

ASGN Trading Down 4.8 %

The stock has a market cap of $3.92 billion, a P/E ratio of 22.47 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. The stock’s fifty day moving average is $88.05 and its 200 day moving average is $91.75.

Insider Buying and Selling

In other ASGN news, CEO Theodore S. Hanson sold 1,200 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $99.64, for a total value of $119,568.00. Following the completion of the sale, the chief executive officer now directly owns 288,855 shares of the company’s stock, valued at $28,781,512.20. The trade was a 0.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of ASGN

Several institutional investors and hedge funds have recently modified their holdings of the stock. Reinhart Partners LLC. raised its stake in ASGN by 7.2% in the third quarter. Reinhart Partners LLC. now owns 588,999 shares of the business services provider’s stock worth $54,912,000 after buying an additional 39,607 shares in the last quarter. Entropy Technologies LP bought a new stake in shares of ASGN in the 4th quarter valued at about $299,000. Argent Capital Management LLC boosted its holdings 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 valued at $1,158,000 after buying an additional 3,339 shares in the last quarter. Handelsbanken Fonder AB grew its position in shares of ASGN by 28.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 11,823 shares of the business services provider’s stock worth $1,102,000 after buying an additional 2,600 shares during the last quarter. Finally, Cim Investment Management Inc. bought a new position in shares of ASGN during the 3rd quarter worth 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.