ASGN (NYSE:ASGN) Stock Price Crosses Below Fifty Day Moving Average - Here's Why

Shares of ASGN Incorporated (NYSE:ASGN - Get Free Report) passed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $59.04 and traded as low as $55.79. ASGN shares last traded at $56.31, with a volume of 322,466 shares trading hands.

Analyst Ratings Changes

ASGN has been the topic of a number of analyst reports. Truist Financial lowered their price objective on ASGN from $105.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Canaccord Genuity Group reissued a "hold" rating and set a $55.00 target price (down previously from $115.00) on shares of ASGN in a research note on Friday, April 25th. Finally, UBS Group decreased their target price on ASGN from $56.00 to $54.00 and set a "sell" rating on the stock in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $74.40.

ASGN Trading Down 1.1%

The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 0.58. The stock has a 50 day simple moving average of $57.98 and a 200-day simple moving average of $74.40. The firm has a market cap of $2.35 billion, a P/E ratio of 13.96 and a beta of 1.08.

ASGN (NYSE:ASGN - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The business services provider reported $0.92 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.95 by ($0.03). ASGN had a return on equity of 13.22% and a net margin of 4.27%. The firm had revenue of $968.30 million during the quarter, compared to the consensus estimate of $971.00 million. During the same period in the previous year, the firm earned $1.16 EPS. The business's revenue was down 7.7% compared to the same quarter last year. On average, equities research analysts expect that ASGN Incorporated will post 5.15 EPS for the current fiscal year.

Hedge Funds Weigh In On ASGN

Several large investors have recently modified their holdings of ASGN. Entropy Technologies LP bought a new position in shares of ASGN during the 4th quarter worth $299,000. Cibc World Markets Corp purchased a new position in shares of ASGN in the fourth quarter worth about $337,000. Pinebridge Investments L.P. raised its stake in shares of ASGN by 42.7% in the fourth quarter. Pinebridge Investments L.P. now owns 21,983 shares of the business services provider's stock worth $1,832,000 after purchasing an additional 6,576 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of ASGN by 3.1% in the first quarter. Russell Investments Group Ltd. now owns 16,074 shares of the business services provider's stock worth $1,013,000 after purchasing an additional 485 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of ASGN by 662.8% in the first quarter. GAMMA Investing LLC now owns 1,045 shares of the business services provider's stock worth $66,000 after purchasing an additional 908 shares during the last quarter. 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.