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

ASGN Incorporated (NYSE:ASGN) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 1,490,000 shares, an increase of 9.6% from the August 15th total of 1,360,000 shares. Based on an average daily volume of 361,500 shares, the days-to-cover ratio is currently 4.1 days. Currently, 3.4% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group cut their price target on shares of 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 reaffirmed a “buy” rating and issued a $115.00 target price on shares of ASGN in a report on Thursday, July 25th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, ASGN presently has an average rating of “Hold” and a consensus target price of $97.22.

ASGN Price Performance

Shares of ASGN stock traded down $0.42 during trading on Wednesday, hitting $92.09. 282,915 shares of the company were exchanged, compared to its average volume of 295,794. ASGN has a fifty-two week low of $76.70 and a fifty-two week high of $106.42. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.57. The firm has a 50 day moving average price of $93.59 and a 200 day moving average price of $95.26. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of 21.32, a P/E/G ratio of 14.49 and a beta of 1.40.

ASGN (NYSE:ASGN) last released its quarterly earnings results on Wednesday, July 24th. The business services provider reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.03. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.05 billion. ASGN had a return on equity of 14.30% and a net margin of 4.56%. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.59 earnings per share. On average, equities analysts expect that ASGN will post 5.17 earnings per share for the current fiscal year.

Insider Activity at ASGN

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

Institutional Investors Weigh In On ASGN

Several hedge funds have recently modified their holdings of the company. Reinhart Partners LLC. lifted its stake in shares of ASGN by 0.9% during the 1st quarter. Reinhart Partners LLC. now owns 548,300 shares of the business services provider’s stock worth $57,440,000 after purchasing an additional 4,931 shares during the period. SG Americas Securities LLC increased its stake in ASGN by 1,851.6% in the second quarter. SG Americas Securities LLC now owns 19,887 shares of the business services provider’s stock valued at $1,753,000 after purchasing an additional 18,868 shares during the last quarter. Argent Capital Management LLC lifted its position in ASGN by 43.8% during the second quarter. Argent Capital Management LLC now owns 9,417 shares of the business services provider’s stock worth $830,000 after buying an additional 2,868 shares during the period. Meadow Creek Wealth Advisors LLC acquired a new stake in ASGN in the 1st quarter worth about $512,000. Finally, LRI Investments LLC purchased a new stake in ASGN in the 1st quarter valued at about $154,000. 95.36% of the stock is owned by institutional investors and hedge funds.

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.