ASGN (NYSE:ASGN) Shares Down 5.1% - Here's Why

ASGN Incorporated (NYSE:ASGN - Get Free Report)'s share price dropped 5.1% during mid-day trading on Thursday . The company traded as low as $88.53 and last traded at $88.49. Approximately 348,932 shares traded 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.

Analyst Upgrades and Downgrades

ASGN has been the subject of a number of analyst reports. BMO Capital Markets raised shares of ASGN from a "market perform" rating to an "outperform" rating and increased their target price for the company from $96.00 to $100.00 in a research report on Friday, November 22nd. Canaccord Genuity Group reissued a "buy" rating and issued a $115.00 price objective on shares of ASGN in a research report on Thursday, October 24th. Finally, StockNews.com lowered ASGN from a "buy" rating to a "hold" rating in a research report on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $101.75.

ASGN Stock Down 0.8 %

The company has a debt-to-equity ratio of 0.58, a current ratio of 2.25 and a quick ratio of 2.25. The business's fifty day moving average price is $88.11 and its two-hundred day moving average price is $91.50. The stock has a market capitalization of $3.87 billion, a PE ratio of 22.15 and a beta of 1.38.

Insider Activity

In other ASGN news, CEO Theodore S. Hanson sold 1,200 shares of the business's stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $99.64, for a total value of $119,568.00. Following the completion of the transaction, the chief executive officer now directly owns 288,855 shares of the company's stock, valued at approximately $28,781,512.20. The trade was a 0.41 % 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. Corporate insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On ASGN

Large investors have recently made changes to their positions in the company. Cim Investment Management Inc. purchased a new position in ASGN during the third quarter valued at $205,000. Entropy Technologies LP purchased a new position in ASGN in the 4th quarter valued at about $299,000. Crossmark Global Holdings Inc. increased its stake in ASGN by 17.3% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 5,414 shares of the business services provider's stock worth $505,000 after buying an additional 800 shares in the last quarter. Argent Capital Management LLC raised its stake in ASGN by 12.1% in the 3rd quarter. Argent Capital Management LLC now owns 10,559 shares of the business services provider's stock valued at $984,000 after purchasing an additional 1,142 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in shares of ASGN by 28.2% in the third 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 in the last quarter. 95.36% of the stock is currently 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.