Zacks Investment Research Downgrades On Assignment, Inc. (NASDAQ:ASGN) to Sell
Zacks Investment Research downgraded shares of On Assignment, Inc. (NASDAQ:ASGN) from a hold rating to a sell rating in a research note issued to investors on Friday.
According to Zacks, “On Assignment, Inc., through its first operating division, Lab Support, is a leading nationwide provider of temporary scientific professionals to laboratories in the biotechnology, pharmaceutical, food and beverage, chemical, and environmental industries. The company’s strategy is to serve the needs of targeted industries for quality assignments of temporary professionals. “
ASGN has been the topic of a number of other reports. Deutsche Bank AG reiterated a buy rating and set a $57.00 target price (up from $51.00) on shares of On Assignment in a research note on Friday, April 28th. Royal Bank Of Canada reiterated an outperform rating and set a $55.00 target price (up from $52.00) on shares of On Assignment in a research note on Thursday, April 27th. Finally, BMO Capital Markets lifted their target price on On Assignment from $54.00 to $60.00 and gave the stock an outperform rating in a research note on Friday, July 14th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $56.20.
Shares of On Assignment (ASGN) opened at 49.25 on Friday. The firm has a market capitalization of $2.60 billion and a price-to-earnings ratio of 24.18. On Assignment has a 52-week low of $32.04 and a 52-week high of $55.53. The firm has a 50-day moving average of $53.64 and a 200 day moving average of $49.79.
On Assignment (NASDAQ:ASGN) last released its earnings results on Wednesday, July 26th. The company reported $0.78 EPS for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.06. The company had revenue of $653.31 million for the quarter, compared to analysts’ expectations of $655.96 million. On Assignment had a return on equity of 14.70% and a net margin of 5.09%. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.68 EPS. Analysts predict that On Assignment will post $2.87 EPS for the current year.
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In related news, Director Brian J. Callaghan sold 20,250 shares of the business’s stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $54.02, for a total value of $1,093,905.00. Following the sale, the director now directly owns 430,873 shares in the company, valued at approximately $23,275,759.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jonathan S. Holman sold 2,000 shares of the business’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $54.29, for a total value of $108,580.00. Following the completion of the sale, the director now owns 22,122 shares in the company, valued at $1,201,003.38. The disclosure for this sale can be found here. Insiders sold a total of 201,775 shares of company stock worth $10,644,227 over the last 90 days.
A number of large investors have recently made changes to their positions in ASGN. Affinity Investment Advisors LLC purchased a new stake in shares of On Assignment during the first quarter worth about $260,000. UBS Asset Management Americas Inc. boosted its stake in shares of On Assignment by 39.8% in the first quarter. UBS Asset Management Americas Inc. now owns 30,294 shares of the company’s stock worth $1,470,000 after buying an additional 8,623 shares in the last quarter. Swiss National Bank boosted its stake in shares of On Assignment by 1.0% in the first quarter. Swiss National Bank now owns 83,200 shares of the company’s stock worth $4,038,000 after buying an additional 800 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of On Assignment by 10.4% in the first quarter. BNP Paribas Arbitrage SA now owns 9,998 shares of the company’s stock worth $485,000 after buying an additional 939 shares in the last quarter. Finally, Tygh Capital Management Inc. boosted its stake in shares of On Assignment by 3.4% in the first quarter. Tygh Capital Management Inc. now owns 95,720 shares of the company’s stock worth $4,645,000 after buying an additional 3,146 shares in the last quarter.
On Assignment Company Profile
On Assignment, Inc is a global provider of in-demand, skilled professionals in the technology, life sciences and creative sectors. The Company matches resumes with job descriptions to match people they know into positions they understand for temporary, contract-to-hire, and direct hire assignments. It operates through two segments.
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