Argan (NYSE:AGX) Stock Rating Upgraded by Zacks Research

Argan (NYSE:AGX) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday, Zacks reports.

Several other analysts have also recently commented on AGX. Piper Sandler initiated coverage on shares of Argan in a report on Tuesday. They set an “underweight” rating and a $273.00 price target for the company. Weiss Ratings lowered shares of Argan from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday. Freedom Broker upgraded shares of Argan from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 4th. Lake Street Capital raised shares of Argan from a “hold” rating to a “buy” rating and set a $600.00 target price for the company in a research note on Thursday, September 3rd. Finally, Wall Street Zen raised shares of Argan from a “hold” rating to a “buy” rating in a research note on Saturday, September 5th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $437.50.

Argan Trading Up 4.5%

Shares of NYSE AGX opened at $414.07 on Thursday. Argan has a one year low of $227.79 and a one year high of $805.75. The firm has a market capitalization of $5.81 billion, a PE ratio of 32.76, a PEG ratio of 2.92 and a beta of 0.57. The business has a 50-day moving average price of $538.95 and a two-hundred day moving average price of $583.23.

Argan (NYSE:AGX) last released its earnings results on Wednesday, September 2nd. The construction company reported $3.76 earnings per share for the quarter, beating the consensus estimate of $2.64 by $1.12. The company had revenue of $383.98 million for the quarter, compared to analysts’ expectations of $300.53 million. Argan had a return on equity of 38.51% and a net margin of 15.09%.The business’s revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.50 EPS. Research analysts anticipate that Argan will post 13.56 EPS for the current year.

Insider Transactions at Argan

In other Argan news, Director John Jeffrey, Jr. sold 5,716 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $579.64, for a total transaction of $3,313,222.24. Following the transaction, the director directly owned 2,533 shares in the company, valued at $1,468,228.12. This trade represents a 69.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter W. Getsinger sold 2,000 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $699.00, for a total value of $1,398,000.00. Following the completion of the sale, the director directly owned 4,880 shares of the company’s stock, valued at $3,411,120. This represents a 29.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 77,973 shares of company stock valued at $55,381,828 in the last three months. 2.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AGX. Millennium Management LLC raised its holdings in Argan by 12.2% in the 1st quarter. Millennium Management LLC now owns 117,805 shares of the construction company’s stock worth $15,452,000 after acquiring an additional 12,854 shares during the period. NewEdge Advisors LLC lifted its position in shares of Argan by 118.3% during the 1st quarter. NewEdge Advisors LLC now owns 5,316 shares of the construction company’s stock worth $697,000 after purchasing an additional 2,881 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Argan by 13.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 35,567 shares of the construction company’s stock worth $4,665,000 after purchasing an additional 4,196 shares during the last quarter. Intech Investment Management LLC boosted its stake in Argan by 37.3% during the 1st quarter. Intech Investment Management LLC now owns 8,985 shares of the construction company’s stock valued at $1,179,000 after purchasing an additional 2,442 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in Argan in the 2nd quarter valued at approximately $286,000. 79.43% of the stock is owned by institutional investors.

Argan Company Profile

Argan, Inc is an engineering, procurement and construction company that provides services to the power generation and energy infrastructure industries. The company supports the development, construction, commissioning and maintenance of power facilities, including natural gas-fired power plants, renewable energy projects and energy storage installations.

Argan primarily operates through subsidiaries including Gemma Power Systems, which provides engineering, project management and construction services for power generation projects; The Roberts Company, which performs industrial fabrication, equipment installation and field services; and Atlantic Projects Company, which provides engineering and construction services for power and industrial facilities.