ASGN (NYSE:ASGN) Releases Quarterly Earnings Results, Meets Expectations

ASGN (NYSE:ASGN) announced its quarterly earnings results on Wednesday. The business services provider reported $1.16 earnings per share for the quarter, hitting the consensus estimate of $1.16, Briefing.com reports. ASGN had a net margin of 4.93% and a return on equity of 15.52%. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the company earned $1.38 EPS. The company’s 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 $2.36 during midday trading on Thursday, hitting $99.75. 215,656 shares of the company traded hands, compared to its average volume of 242,160. The company has a current ratio of 2.47, a quick ratio of 2.47 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of 22.35, a PEG ratio of 4.05 and a beta of 1.50. ASGN has a 52-week low of $63.27 and a 52-week high of $106.42. The business has a 50 day simple moving average of $99.56 and a two-hundred day simple moving average of $93.32.

Analyst Upgrades and Downgrades

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

Insider Transactions at ASGN

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