Argan (NYSE:AGX – Get Free Report) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Friday.
Separately, Lake Street Capital boosted their price objective on shares of Argan from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday.
Argan Stock Performance
Shares of Argan stock traded up $7.21 on Friday, reaching $76.35. The stock had a trading volume of 616,258 shares, compared to its average volume of 88,115. The business’s 50-day moving average price is $62.66 and its two-hundred day moving average price is $52.19. Argan has a fifty-two week low of $37.37 and a fifty-two week high of $78.07. The stock has a market cap of $1.01 billion, a P/E ratio of 31.95 and a beta of 0.45.
Argan (NYSE:AGX – Get Free Report) last issued its quarterly earnings data on Thursday, June 6th. The construction company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.06. Argan had a net margin of 5.64% and a return on equity of 11.37%. The business had revenue of $157.70 million during the quarter, compared to analysts’ expectations of $134.75 million. During the same period in the previous year, the company earned ($0.05) earnings per share. Argan’s revenue for the quarter was up 52.1% on a year-over-year basis.
Insider Activity at Argan
In related news, Director Mano S. Koilpillai sold 2,700 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $61.79, for a total transaction of $166,833.00. Following the completion of the transaction, the director now directly owns 7,608 shares in the company, valued at approximately $470,098.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Argan news, Chairman William F. Griffin, Jr. sold 15,000 shares of the business’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $59.99, for a total value of $899,850.00. Following the sale, the chairman now owns 14,150 shares of the company’s stock, valued at approximately $848,858.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Mano S. Koilpillai sold 2,700 shares of the business’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $61.79, for a total transaction of $166,833.00. Following the completion of the sale, the director now directly owns 7,608 shares in the company, valued at approximately $470,098.32. The disclosure for this sale can be found here. Insiders sold a total of 39,606 shares of company stock worth $2,394,182 in the last ninety days. 11.85% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Argan
Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Argan by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 726,171 shares of the construction company’s stock worth $36,701,000 after purchasing an additional 12,162 shares during the last quarter. Azarias Capital Management L.P. grew its holdings in shares of Argan by 4.3% in the 4th quarter. Azarias Capital Management L.P. now owns 180,525 shares of the construction company’s stock worth $8,447,000 after purchasing an additional 7,382 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of Argan by 2.2% in the 1st quarter. Acadian Asset Management LLC now owns 131,987 shares of the construction company’s stock worth $6,668,000 after purchasing an additional 2,778 shares during the last quarter. Legato Capital Management LLC grew its holdings in shares of Argan by 13.0% in the 4th quarter. Legato Capital Management LLC now owns 116,613 shares of the construction company’s stock worth $5,456,000 after purchasing an additional 13,431 shares during the last quarter. Finally, Raymond James & Associates grew its holdings in shares of Argan by 1.0% in the 1st quarter. Raymond James & Associates now owns 90,801 shares of the construction company’s stock worth $4,589,000 after purchasing an additional 935 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.
About Argan
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.