ASGN (NYSE:ASGN) Share Price Crosses Below Fifty Day Moving Average - Here's What Happened

ASGN Incorporated (NYSE:ASGN - Get Free Report)'s share price 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.

Analysts Set New Price Targets

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

ASGN Stock Performance

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's fifty day simple moving average is $59.04 and its 200 day simple moving average is $75.55. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 14.66 and a beta of 1.08.

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

Institutional Investors Weigh In On ASGN

A number of hedge funds have recently modified their holdings of the company. J.Safra Asset Management Corp raised its stake in ASGN by 48.1% during the fourth quarter. J.Safra Asset Management Corp now owns 428 shares of the business services provider's stock worth $36,000 after purchasing an additional 139 shares during the period. GAMMA Investing LLC raised its position in shares of ASGN by 662.8% during the 1st quarter. GAMMA Investing LLC now owns 1,045 shares of the business services provider's stock valued at $66,000 after buying an additional 908 shares during the period. Entropy Technologies LP acquired a new position in ASGN in the fourth quarter valued at approximately $299,000. Cibc World Markets Corp acquired a new position in ASGN in the fourth quarter valued at approximately $337,000. Finally, SG Americas Securities LLC purchased a new position in ASGN in the first quarter worth approximately $396,000. Hedge funds and other institutional investors own 95.36% of the company's stock.

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.

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