ASGN (NYSE:ASGN) Updates Q2 Earnings Guidance

ASGN (NYSE:ASGN) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $1.28-1.36 for the period, compared to the consensus earnings per share estimate of $1.36. The company issued revenue guidance of $1.034.5-1.0545 billion, compared to the consensus revenue estimate of $1.07 billion. ASGN also updated its Q2 2024 guidance to 1.280-1.360 EPS.

ASGN Stock Performance

Shares of NYSE ASGN traded down $0.50 during mid-day trading on Friday, hitting $98.22. The company had a trading volume of 229,100 shares, compared to its average volume of 246,266. The company has a market capitalization of $4.57 billion, a price-to-earnings ratio of 22.75, a P/E/G ratio of 4.10 and a beta of 1.50. ASGN has a 1 year low of $63.27 and a 1 year high of $106.42. 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 stock’s 50-day moving average price is $99.59 and its 200-day moving average price is $93.36.

ASGN (NYSE:ASGN) last announced its quarterly earnings results on Wednesday, April 24th. The business services provider reported $1.16 earnings per share for the quarter, meeting the consensus estimate of $1.16. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.04 billion. ASGN had a return on equity of 14.81% and a net margin of 4.76%. The firm’s quarterly revenue was down 7.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.38 earnings per share. On average, sell-side analysts forecast that ASGN will post 5.79 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Robert W. Baird boosted their target price on ASGN from $99.00 to $104.00 and gave the stock a neutral rating in a research report on Thursday. Truist Financial boosted their target price on ASGN from $93.00 to $110.00 and gave the stock a buy rating in a research report on Tuesday, January 2nd. Jefferies Financial Group boosted their target price on ASGN to $88.00 and gave the stock a hold rating in a research report on Wednesday, January 10th. Canaccord Genuity Group reaffirmed a buy rating and set a $110.00 price target on shares of ASGN in a research note on Wednesday, January 3rd. Finally, BMO Capital Markets dropped their price target on ASGN from $95.00 to $94.00 and set a market perform rating for the company in a research note on Friday. Three analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $93.60.

Insider Activity

In other ASGN news, SVP Jennifer Hankes Painter sold 1,100 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president now owns 52,716 shares of the company’s stock, valued at approximately $4,935,271.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Jennifer Hankes Painter sold 1,100 shares of the company’s stock in a transaction that occurred 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 sale, the senior vice president now owns 52,716 shares in the company, valued at approximately $4,935,271.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Randolph C. Blazer sold 7,746 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was 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 owns 107,923 shares in the company, valued at approximately $10,178,218.13. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

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.