On Assignment, Inc. (NYSE:ASGN) was in 9 hedge funds’ portfolio at the end of the fourth quarter of 2012. ASGN has seen a decrease in activity from the world’s largest hedge funds of late. There were 10 hedge funds in our database with ASGN positions at the end of the previous quarter.
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With these “truths” under our belt, let’s take a peek at the recent action regarding On Assignment, Inc. (NYSE:ASGN).
What does the smart money think about On Assignment, Inc. (NYSE:ASGN)?
Heading into 2013, a total of 9 of the hedge funds we track were bullish in this stock, a change of -10% from the previous quarter. With hedgies’ capital changing hands, there exists a select group of key hedge fund managers who were increasing their holdings significantly.
Of the funds we track, Driehaus Capital, managed by Richard Driehaus, holds the largest position in On Assignment, Inc. (NYSE:ASGN). Driehaus Capital has a $11.8 million position in the stock, comprising 0.4% of its 13F portfolio. The second largest stake is held by Royce & Associates, managed by Chuck Royce, which held a $10.2 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other peers that are bullish include Robert B. Gillam’s McKinley Capital Management, Jim Simons’s Renaissance Technologies and John Murphy’s Alydar Capital.
Because On Assignment, Inc. (NYSE:ASGN) has faced bearish sentiment from the entirety of the hedge funds we track, logic holds that there lies a certain “tier” of fund managers that slashed their entire stakes in Q4. At the top of the heap, Ken Grossman and Glen Schneider’s SG Capital Management dumped the largest stake of all the hedgies we monitor, totaling about $2.5 million in stock., and Anand Parekh of Alyeska Investment Group was right behind this move, as the fund dumped about $0.8 million worth. These bearish behaviors are interesting, as total hedge fund interest was cut by 1 funds in Q4.
How are insiders trading On Assignment, Inc. (NYSE:ASGN)?
Insider purchases made by high-level executives is particularly usable when the company we’re looking at has seen transactions within the past half-year. Over the last six-month time frame, On Assignment, Inc. (NYSE:ASGN) has experienced 1 unique insiders buying, and 9 insider sales (see the details of insider trades here).
Let’s check out hedge fund and insider activity in other stocks similar to On Assignment, Inc. (NYSE:ASGN). These stocks are Compass Diversified Holdings (NYSE:CODI), Trueblue Inc (NYSE:TBI), Korn/Ferry International (NYSE:KFY), , and 51job, Inc. (ADR) (NASDAQ:JOBS). This group of stocks belong to the staffing & outsourcing services industry and their market caps resemble ASGN’s market cap.
|Company Name||# of Hedge Funds||# of Insiders Buying||# of Insiders Selling|
|Compass Diversified Holdings (NYSE:CODI)||5||7||0|
|Trueblue Inc (NYSE:TBI)||7||0||10|
|Korn/Ferry International (NYSE:KFY)||12||0||0|
|51job, Inc. (ADR) (NASDAQ:JOBS)||6||0||0|
With the results demonstrated by our studies, retail investors should always pay attention to hedge fund and insider trading sentiment, and On Assignment, Inc. (NYSE:ASGN) shareholders fit into this picture quite nicely.