Argan, Inc. (NYSE:AGX) Given Average Rating of “Hold” by Brokerages

Argan, Inc. (NYSE:AGX) has been given an average rating of “Hold” by the seven research firms that are covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $355.20.

Several equities research analysts have issued reports on the stock. Zacks Research lowered shares of Argan from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. The Goldman Sachs Group assumed coverage on shares of Argan in a research note on Tuesday, November 11th. They issued a “buy” rating and a $397.00 target price for the company. UBS Group set a $315.00 target price on shares of Argan in a report on Monday, October 13th. Wall Street Zen upgraded shares of Argan from a “hold” rating to a “buy” rating in a research note on Friday, September 5th. Finally, Lake Street Capital downgraded shares of Argan from a “buy” rating to a “hold” rating and lifted their price objective for the company from $260.00 to $325.00 in a research report on Friday, December 5th.

Argan Price Performance

NYSE:AGX opened at $326.43 on Friday. The business’s 50-day simple moving average is $318.44 and its 200-day simple moving average is $258.03. Argan has a fifty-two week low of $101.02 and a fifty-two week high of $399.30. The stock has a market capitalization of $4.53 billion, a PE ratio of 38.45 and a beta of 0.60.

Argan (NYSE:AGX) last announced its earnings results on Thursday, December 4th. The construction company reported $2.17 EPS for the quarter, topping the consensus estimate of $1.82 by $0.35. Argan had a net margin of 13.11% and a return on equity of 31.38%. The firm had revenue of $251.15 million for the quarter, compared to the consensus estimate of $251.50 million. During the same period last year, the company posted $2.00 EPS. The business’s quarterly revenue was down 2.3% on a year-over-year basis.

Insider Activity

In related news, Director James W. Quinn sold 13,444 shares of Argan stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $269.12, for a total transaction of $3,618,049.28. Following the completion of the sale, the director owned 49,570 shares of the company’s stock, valued at approximately $13,340,278.40. The trade was a 21.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Charles Edwin Iv Collins sold 10,000 shares of the company’s stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $292.09, for a total transaction of $2,920,900.00. Following the completion of the transaction, the chief executive officer owned 21,006 shares in the company, valued at $6,135,642.54. This trade represents a 32.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 106,795 shares of company stock valued at $29,401,111. 6.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On Argan

Hedge funds have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd bought a new stake in shares of Argan during the 3rd quarter valued at $25,000. Danske Bank A S acquired a new position in Argan in the third quarter valued at about $27,000. Accredited Wealth Management LLC acquired a new position in Argan in the third quarter valued at about $32,000. National Bank of Canada FI lifted its position in Argan by 26.7% during the third quarter. National Bank of Canada FI now owns 147 shares of the construction company’s stock worth $40,000 after purchasing an additional 31 shares during the period. Finally, Palisade Asset Management LLC acquired a new stake in Argan during the third quarter worth about $41,000. Institutional investors own 79.43% of the company’s stock.

Argan Company Profile

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The company operates through Power Services, Industrial Services, and Telecom Services segments. The Power Services segment offers engineering, procurement, and construction, as well as designing, building, and commissioning of large-scale energy projects to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for projects with approximately 18 gigawatts of power-generating capacity.