Is On Assignment, Inc. (ASGN) A Good Stock To Buy?

Seeing as On Assignment, Inc. (NYSE:ASGN) has sustained flat interest from hedge fund managers, we can see that there was a specific group of hedge funds who sold off their entire stakes heading into fourth quarter. Interestingly, Steve Cohen’s Point72 Asset Management sold off the largest position of all the investors studied by Insider Monkey, valued at an estimated $6.5 million in stock. Michael Platt and William Reeves’ fund, BlueCrest Capital Mgmt., also sold off its stock, about $3.1 million worth.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as On Assignment, Inc. (NYSE:ASGN) but similarly valued. We will take a look at Novavax, Inc. (NASDAQ:NVAX), Mine Safety Appliances (NYSE:MSA), LTC Properties Inc (NYSE:LTC), and MGE Energy, Inc. (NASDAQ:MGEE). This group of stocks’ market caps match ASGN’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
NVAX 13 21521 -3
MSA 10 18371 1
LTC 5 10170 -1
MGEE 9 17440 -2

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $17 million. That figure was $140 million in ASGN’s case. Novavax, Inc. (NASDAQ:NVAX) is the most popular stock in this table. On the other hand LTC Properties Inc (NYSE:LTC) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks On Assignment, Inc. (NYSE:ASGN) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None