Brokerages Set Argan, Inc. (NYSE:AGX) PT at $470.40

Shares of Argan, Inc. (NYSE:AGX) have earned an average rating of “Moderate Buy” from the ten ratings firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $437.50.

AGX has been the topic of several research reports. Freedom Broker upgraded Argan from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 4th. Wall Street Zen upgraded Argan from a “hold” rating to a “buy” rating in a research note on Saturday, September 5th. Weiss Ratings lowered Argan from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday. Zacks Research upgraded Argan from a “hold” rating to a “strong-buy” rating in a research note on Thursday. Finally, Piper Sandler began coverage on shares of Argan in a report on Tuesday, September 8th. They set an “underweight” rating and a $273.00 price objective on the stock.

Argan Stock Up 0.1%

Shares of AGX stock opened at $414.07 on Monday. The firm has a market cap of $5.81 billion, a P/E ratio of 32.76, a PEG ratio of 3.05 and a beta of 0.57. The company has a 50 day moving average of $538.95 and a 200-day moving average of $584.23. Argan has a 12-month low of $227.79 and a 12-month high of $805.75.

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

Argan Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Thursday, October 22nd will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 0.7%. This is an increase from Argan’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Thursday, October 22nd. Argan’s payout ratio is presently 15.82%.

Insider Activity at Argan

In related news, Director Peter Getsinger sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $699.00, for a total value of $1,398,000.00. Following the completion of the transaction, the director directly owned 4,880 shares of the company’s stock, valued at approximately $3,411,120. This trade represents a 29.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman William Griffin, Jr. sold 20,000 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $760.43, for a total transaction of $15,208,600.00. Following the sale, the chairman directly owned 40,976 shares in the company, valued at $31,159,379.68. The trade was a 32.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 65,384 shares of company stock worth $47,144,445 in the last ninety days. Insiders own 2.99% of the company’s stock.

Institutional Investors Weigh In On Argan

Several hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its stake in Argan by 77,552.2% during the second quarter. California State Teachers Retirement System now owns 12,498,905 shares of the construction company’s stock valued at $9,981,001,000 after acquiring an additional 12,482,809 shares in the last quarter. BlackRock Inc. purchased a new stake in Argan in the 2nd quarter worth approximately $1,764,086,000. Maverick Capital Ltd. bought a new position in Argan in the 4th quarter valued at $137,503,000. First Trust Advisors LP boosted its holdings in Argan by 32.1% in the 1st quarter. First Trust Advisors LP now owns 791,353 shares of the construction company’s stock valued at $431,010,000 after purchasing an additional 192,204 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in shares of Argan during the 2nd quarter valued at $131,878,000. 79.43% of the stock is currently owned by institutional investors.

About Argan

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.