In a recent transaction, Arshad Matin, a director at ASGN Inc (NYSE:ASGN), sold shares of the company's common stock. The transaction involved the sale of 2,000 shares at an average price of $92.5133, resulting in a total sale value of approximately $185,026. The shares were sold on September 13, 2024, according to a Form 4 document filed with the Securities and Exchange Commission.
The sale price of the shares was a weighted average, with individual sales prices ranging from $92.45 to $92.5350. Following this transaction, Matin's direct ownership in ASGN Inc stands at 11,645 shares. The company, known for providing services in the help supply services sector, operates under the industrial classification code of 7363 and is incorporated in Delaware.
Investors typically monitor insider transactions such as these as they provide insights into executives' perspectives on the company's stock value. It is worth noting that the trading activity reported represents Matin's personal dealings with the stock and may not necessarily reflect the company's operational or financial performance.
ASGN Inc, formerly known as On Assignment Inc, is headquartered in Glen Allen, Virginia, and provides skilled professionals in the technology, digital, creative, healthcare technology, engineering, life sciences, and government sectors.
In other recent news, ASGN Incorporated reported steady earnings in the second quarter of 2024, with revenues reaching $1.035 billion and a net income of $47.2 million. The company's earnings were supported by improved gross margins and significant share repurchases. In addition, ASGN's subsidiary, ECS, secured a five-year IT support contract from the National Institutes of Health's (NIH) National Institute of Allergy and Infectious Diseases (NIAID). The contract, known as the Enabling and Advancing Technologies (NEAT) blanket purchase agreement, will allow ECS to provide comprehensive IT support services to NIAID, including cyber infrastructure, software engineering, cybersecurity, AI, and data management and analytics solutions. NIAID anticipates an expenditure of nearly $1.1 billion for these services over the contract's duration. These recent developments highlight ASGN's resilience and strategic focus on high-end IT consulting and AI capabilities amidst cautious IT spending.
InvestingPro Insights
ASGN Inc's recent insider transaction comes at a time when the company exhibits a strong financial position. According to InvestingPro data, ASGN's market capitalization is currently at $4.15 billion, with a Price to Earnings (P/E) ratio of 22.12, which adjusts to 21.3 based on the last twelve months as of Q2 2024. These figures suggest a solid valuation for the company in the current market.
The company's revenue for the last twelve months as of Q2 2024 stands at $4.27 billion, despite a revenue decline of 7.24% during the same period. This decline is reflected in the quarterly figures as well, with an 8.51% decrease in revenue growth for Q2 2024. However, with a gross profit margin of 28.65% and an operating income margin of 7.8%, ASGN maintains profitability.
InvestingPro Tips highlight that ASGN's management has been actively repurchasing shares, signaling confidence in the company's value. Additionally, the company's high shareholder yield and the valuation implying a strong free cash flow yield are key points of interest for investors. It's also noteworthy that ASGN's liquid assets exceed its short-term obligations, providing financial stability. On the profitability front, analysts predict the company will be profitable this year, and it has been profitable over the last twelve months. It's important to mention that ASGN does not currently pay a dividend to shareholders.
For investors seeking more in-depth analysis, there are additional tips available on InvestingPro, which can offer further insights into ASGN's financial health and stock performance. As of now, there are six more InvestingPro Tips available for ASGN Inc, which can be accessed through the dedicated InvestingPro page for the company.
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