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

ASGN Incorporated (NYSE:ASGN - Get Free Report)'s stock price passed below its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $54.29 and traded as low as $49.01. ASGN shares last traded at $49.18, with a volume of 692,350 shares.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on ASGN shares. Canaccord Genuity Group restated a "hold" rating and issued a $55.00 price target (down from $115.00) on shares of ASGN in a research report on Friday, April 25th. Truist Financial reduced their price target on ASGN from $105.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Wells Fargo & Company started coverage on ASGN in a research report on Tuesday, June 3rd. They issued an "equal weight" rating and a $56.00 price target on the stock. Finally, UBS Group reduced their price target on ASGN from $56.00 to $54.00 and set a "sell" rating on the stock in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, ASGN presently has a consensus rating of "Hold" and an average target price of $71.33.

ASGN Trading Up 1.2%

The company has a fifty day simple moving average of $53.84 and a two-hundred day simple moving average of $68.74. The company has a quick ratio of 2.37, a current ratio of 2.37 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $2.16 billion, a P/E ratio of 14.00 and a beta of 1.00.

ASGN (NYSE:ASGN - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The business services provider reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.03). The business had revenue of $968.30 million for the quarter, compared to the consensus estimate of $971.00 million. ASGN had a return on equity of 12.55% and a net margin of 3.93%. The business's revenue was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.16 earnings per share. On average, sell-side analysts expect that ASGN Incorporated will post 5.15 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ASGN. J.Safra Asset Management Corp raised its stake in shares of ASGN by 48.1% in the 4th 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. Cibc World Markets Corp acquired a new stake in shares of ASGN in the 4th quarter valued at about $337,000. Pinebridge Investments L.P. raised its stake in shares of ASGN by 42.7% in the 4th quarter. Pinebridge Investments L.P. now owns 21,983 shares of the business services provider's stock valued at $1,832,000 after purchasing an additional 6,576 shares during the period. GAMMA Investing LLC raised its stake in shares of ASGN by 47,970.1% in the 1st quarter. GAMMA Investing LLC now owns 65,856 shares of the business services provider's stock valued at $41,500,000 after purchasing an additional 65,719 shares during the period. Finally, Reinhart Partners LLC. raised its stake in shares of ASGN by 13.4% in the 1st quarter. Reinhart Partners LLC. now owns 665,987 shares of the business services provider's stock valued at $41,971,000 after purchasing an additional 78,794 shares during the period. 95.36% of the stock is currently owned by institutional investors.

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.