ASGN Incorporated (NYSE:ASGN) Sees Large Growth in Short Interest

ASGN Incorporated (NYSE:ASGN) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 1,490,000 shares, a growth of 9.6% from the August 15th total of 1,360,000 shares. Based on an average daily volume of 361,500 shares, the days-to-cover ratio is currently 4.1 days. Approximately 3.4% of the shares of the stock are sold short.

ASGN Stock Down 0.5 %

Shares of NYSE ASGN traded down $0.42 during midday trading on Wednesday, hitting $92.09. 282,915 shares of the company’s stock were exchanged, compared to its average volume of 295,794. The company has a market cap of $4.23 billion, a PE ratio of 21.32, a P/E/G ratio of 14.49 and a beta of 1.40. ASGN has a twelve month low of $76.70 and a twelve month high of $106.42. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.34 and a quick ratio of 2.34. The firm’s fifty day simple moving average is $93.59 and its 200-day simple moving average is $95.26.

ASGN (NYSE:ASGN) last posted its earnings results on Wednesday, July 24th. The business services provider reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.03. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.05 billion. ASGN had a net margin of 4.56% and a return on equity of 14.30%. The company’s revenue was down 8.5% on a year-over-year basis. During the same period last year, the firm posted $1.59 EPS. Research analysts predict that ASGN will post 5.17 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on ASGN. Canaccord Genuity Group restated a “buy” rating and set a $115.00 price target on shares of ASGN in a research note on Thursday, July 25th. Jefferies Financial Group lowered their target price on ASGN from $95.00 to $88.00 and set a “hold” rating for the company in a research note on Monday, September 9th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, ASGN presently has an average rating of “Hold” and a consensus price target of $97.22.

Insiders Place Their Bets

In related news, Director Arshad Matin sold 2,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $92.51, for a total value of $185,020.00. Following the completion of the sale, the director now owns 11,645 shares of the company’s stock, valued at $1,077,278.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Arshad Matin sold 2,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $92.51, for a total transaction of $185,020.00. Following the transaction, the director now owns 11,645 shares of the company’s stock, valued at approximately $1,077,278.95. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jonathan S. Holman sold 503 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $90.45, for a total transaction of $45,496.35. Following the sale, the director now owns 10,821 shares of the company’s stock, valued at $978,759.45. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On ASGN

A number of hedge funds have recently modified their holdings of ASGN. Argent Capital Management LLC grew its holdings in shares of ASGN by 43.8% during the second quarter. Argent Capital Management LLC now owns 9,417 shares of the business services provider’s stock worth $830,000 after buying an additional 2,868 shares during the last quarter. SG Americas Securities LLC lifted its position in ASGN by 1,851.6% during the 2nd quarter. SG Americas Securities LLC now owns 19,887 shares of the business services provider’s stock worth $1,753,000 after acquiring an additional 18,868 shares during the period. LRI Investments LLC purchased a new position in shares of ASGN in the 1st quarter valued at approximately $154,000. Meadow Creek Wealth Advisors LLC acquired a new position in shares of ASGN in the first quarter valued at approximately $512,000. Finally, Reinhart Partners LLC. raised its stake in shares of ASGN by 0.9% during the first quarter. Reinhart Partners LLC. now owns 548,300 shares of the business services provider’s stock worth $57,440,000 after purchasing an additional 4,931 shares during the last quarter. 95.36% of the stock is currently owned by hedge funds and other institutional investors.

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.