ASGN (NYSE:ASGN) Posts Quarterly Earnings Results, Meets Estimates

ASGN (NYSE:ASGN) announced its quarterly earnings results on Wednesday. The business services provider reported $1.16 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.16, Briefing.com reports. ASGN had a return on equity of 15.52% and a net margin of 4.93%. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the firm earned $1.38 EPS. The firm’s quarterly revenue was down 7.1% compared to the same quarter last year. ASGN updated its Q2 guidance to $1.28-1.36 EPS and its Q2 2024 guidance to 1.280-1.360 EPS.

ASGN Price Performance

ASGN traded down $2.67 during trading on Thursday, reaching $99.44. The stock had a trading volume of 208,538 shares, compared to its average volume of 242,087. The firm has a market capitalization of $4.62 billion, a price-to-earnings ratio of 22.35, a price-to-earnings-growth ratio of 4.05 and a beta of 1.50. The company has a quick ratio of 2.47, a current ratio of 2.47 and a debt-to-equity ratio of 0.55. ASGN has a 1-year low of $63.27 and a 1-year high of $106.42. The stock has a 50 day moving average of $99.56 and a two-hundred day moving average of $93.32.

Insiders Place Their Bets

In other ASGN news, SVP Jennifer Hankes Painter sold 1,100 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $93.62, for a total value of $102,982.00. Following the transaction, the senior vice president now owns 52,716 shares of the company’s stock, valued at $4,935,271.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, President Randolph C. Blazer sold 7,746 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $94.31, for a total value of $730,525.26. Following the completion of the sale, the president now directly owns 107,923 shares in the company, valued at $10,178,218.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jennifer Hankes Painter sold 1,100 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $93.62, for a total transaction of $102,982.00. Following the completion of the sale, the senior vice president now owns 52,716 shares of the company’s stock, valued at $4,935,271.92. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Robert W. Baird increased their price target on ASGN from $99.00 to $104.00 and gave the company a “neutral” rating in a report on Thursday. Canaccord Genuity Group restated a “buy” rating and set a $110.00 target price on shares of ASGN in a research note on Wednesday, January 3rd. BMO Capital Markets raised their target price on ASGN to $110.00 and gave the company a “hold” rating in a research note on Wednesday, January 10th. Bank Of America (Bofa) restated an “underweight” rating and set a $70.00 target price on shares of ASGN in a research note on Monday, January 8th. Finally, Truist Financial raised their target price on ASGN from $93.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, January 2nd. Three analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ASGN currently has a consensus rating of “Hold” and a consensus target price of $95.20.

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.