ASGN (NYSE:ASGN) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

ASGN (NYSE:ASGN) posted its quarterly earnings results on Wednesday. The business services provider reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.03, Briefing.com reports. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.05 billion. ASGN had a net margin of 4.56% and a return on equity of 14.15%. The firm’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.59 earnings per share. ASGN updated its Q3 guidance to $1.31-$1.39 EPS and its Q3 2024 guidance to 1.310-1.390 EPS.

ASGN Price Performance

ASGN traded up $2.09 on Friday, reaching $94.86. The company had a trading volume of 378,067 shares, compared to its average volume of 300,652. The business has a 50 day simple moving average of $92.97 and a 200 day simple moving average of $95.92. The company has a market cap of $4.35 billion, a price-to-earnings ratio of 21.97, a P/E/G ratio of 8.39 and a beta of 1.40. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.51 and a current ratio of 2.51. ASGN has a 52-week low of $75.85 and a 52-week high of $106.42.

Insider Activity at ASGN

In related news, Director Carol Lindstrom sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $97.04, for a total value of $97,040.00. Following the sale, the director now directly owns 5,639 shares of the company’s stock, valued at $547,208.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other ASGN news, President Randolph C. Blazer sold 6,000 shares of ASGN stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $98.00, for a total transaction of $588,000.00. Following the transaction, the president now directly owns 101,923 shares of the company’s stock, valued at $9,988,454. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carol Lindstrom sold 1,000 shares of ASGN stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $97.04, for a total transaction of $97,040.00. Following the transaction, the director now directly owns 5,639 shares in the company, valued at $547,208.56. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ASGN. BMO Capital Markets cut their target price on shares of ASGN from $95.00 to $94.00 and set a “market perform” rating for the company in a research report on Friday, April 26th. Robert W. Baird increased their target price on shares of ASGN from $99.00 to $104.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $115.00 target price on shares of ASGN in a research report on Thursday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $97.22.

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.