ASGN (NYSE:ASGN) Hits New 52-Week Low – Here’s Why

ASGN Incorporated (NYSE:ASGN)’s stock price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $62.72 and last traded at $62.94, with a volume of 71292 shares traded. The stock had previously closed at $64.22.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of ASGN from a “buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ASGN currently has a consensus rating of “Hold” and a consensus price target of $101.75.

ASGN Stock Performance

The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of 16.42 and a beta of 1.34. The company has a 50-day moving average of $75.30 and a 200-day moving average of $85.35. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 0.58.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cim Investment Management Inc. bought a new stake in ASGN in the third quarter valued at $205,000. Argent Capital Management LLC boosted its stake in ASGN by 31.6% during 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 purchasing an additional 3,339 shares during the period. Entropy Technologies LP bought a new position in ASGN in the 4th quarter worth about $299,000. J.Safra Asset Management Corp increased its stake 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 valued at $36,000 after purchasing an additional 139 shares during the period. Finally, Cibc World Markets Corp acquired a new stake in shares of ASGN in the fourth quarter valued at approximately $337,000. Institutional investors and hedge funds 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.