Shares of On Assignment, Inc. (NASDAQ:ASGN) traded up 6.3% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $60.11 and last traded at $59.61. 1,059,532 shares were traded during mid-day trading, an increase of 274% from the average session volume of 283,157 shares. The stock had previously closed at $56.09.
The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08. The firm had revenue of $667.05 million during the quarter, compared to analysts’ expectations of $660.90 million. On Assignment had a return on equity of 14.70% and a net margin of 5.09%. The business’s revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 EPS.
A number of analysts recently issued reports on the company. Robert W. Baird reissued a “hold” rating and issued a $53.00 target price on shares of On Assignment in a research report on Friday, October 6th. Zacks Investment Research raised On Assignment from a “sell” rating to a “hold” rating in a research report on Friday, September 15th. Royal Bank Of Canada reissued a “buy” rating on shares of On Assignment in a research report on Friday, October 20th. Deutsche Bank AG upped their target price on On Assignment from $57.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday. Finally, BidaskClub raised On Assignment from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. On Assignment currently has a consensus rating of “Buy” and a consensus target price of $56.80.
In other On Assignment news, insider Jeffrey E. Veatch sold 129,066 shares of the company’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $58.61, for a total transaction of $7,564,558.26. Following the completion of the sale, the insider now directly owns 364,202 shares of the company’s stock, valued at approximately $21,345,879.22. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jeffrey E. Veatch sold 1,520 shares of the company’s stock in a transaction that occurred on Tuesday, October 10th. The shares were sold at an average price of $56.01, for a total value of $85,135.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 256,282 shares of company stock valued at $14,741,882.
Institutional investors and hedge funds have recently bought and sold shares of the business. First Quadrant L P CA purchased a new position in shares of On Assignment during the 2nd quarter worth approximately $112,000. FNY Partners Fund LP raised its stake in shares of On Assignment by 266.2% during the 1st quarter. FNY Partners Fund LP now owns 2,197 shares of the company’s stock worth $106,000 after buying an additional 1,597 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of On Assignment by 9.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,242 shares of the company’s stock worth $121,000 after buying an additional 202 shares in the last quarter. Pitcairn Co. purchased a new position in shares of On Assignment during the 2nd quarter worth approximately $211,000. Finally, CIBC Asset Management Inc purchased a new position in shares of On Assignment during the 2nd quarter worth approximately $216,000.
The stock has a 50-day moving average price of $53.05 and a 200 day moving average price of $51.49. The firm has a market capitalization of $3.15 billion and a price-to-earnings ratio of 29.26.
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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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