Brokerages Set $68.00 Target Price for Argan, Inc. (AGX)
Shares of Argan, Inc. (NYSE:AGX) have received a consensus broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One research analyst has rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company.
Brokers have set a 12-month consensus price target of $68.00 for the company, according to Zacks. Zacks has also assigned Argan an industry rank of 95 out of 265 based on the ratings given to related companies.
Several brokerages recently issued reports on AGX. BidaskClub upgraded shares of Argan from a “strong sell” rating to a “sell” rating in a report on Wednesday. Sidoti began coverage on shares of Argan in a report on Wednesday, June 28th. They issued a “neutral” rating on the stock. Finally, Lake Street Capital raised their target price on shares of Argan from $70.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, June 8th.
Argan (AGX) traded down 1.79% during midday trading on Thursday, hitting $62.95. 55,831 shares of the company were exchanged. The stock has a 50 day moving average of $61.44 and a 200-day moving average of $66.80. The stock has a market capitalization of $976.92 million, a price-to-earnings ratio of 12.63 and a beta of 0.91. Argan has a 1-year low of $45.41 and a 1-year high of $76.70.
Argan (NYSE:AGX) last issued its earnings results on Wednesday, June 7th. The construction company reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.42. Argan had a net margin of 10.15% and a return on equity of 27.78%. The company had revenue of $230.49 million for the quarter, compared to analysts’ expectations of $183.10 million. The company’s quarterly revenue was up 76.8% compared to the same quarter last year. Equities analysts expect that Argan will post $4.23 earnings per share for the current year.
In other news, Director Peter W. Getsinger sold 3,000 shares of Argan stock in a transaction on Wednesday, April 26th. The shares were sold at an average price of $67.72, for a total transaction of $203,160.00. Following the transaction, the director now owns 12,500 shares in the company, valued at approximately $846,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Ronald Jr. Jeffrey purchased 1,000 shares of the company’s stock in a transaction dated Monday, June 26th. The shares were acquired at an average price of $60.95 per share, for a total transaction of $60,950.00. The disclosure for this purchase can be found here. Company insiders own 9.50% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of AGX. Vanguard Group Inc. boosted its position in shares of Argan by 104.8% in the first quarter. Vanguard Group Inc. now owns 1,260,387 shares of the construction company’s stock valued at $83,374,000 after buying an additional 644,820 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Argan by 15.0% in the first quarter. Renaissance Technologies LLC now owns 1,236,855 shares of the construction company’s stock valued at $81,818,000 after buying an additional 161,055 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Argan by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 836,106 shares of the construction company’s stock valued at $55,308,000 after buying an additional 16,006 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of Argan by 17.1% in the first quarter. Prudential Financial Inc. now owns 608,812 shares of the construction company’s stock valued at $40,273,000 after buying an additional 88,780 shares during the last quarter. Finally, FMR LLC increased its stake in shares of Argan by 54.3% in the fourth quarter. FMR LLC now owns 470,525 shares of the construction company’s stock valued at $33,196,000 after buying an additional 165,532 shares during the last quarter. Institutional investors and hedge funds own 85.46% of the company’s stock.
Argan, Inc is a holding company. The Company conducts operations through its subsidiaries, Gemma Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited (APC), Southern Maryland Cable, Inc (SMC) and The Roberts Company (Roberts). Through GPS and APC, the Company’s power industry services segment provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical and consulting services to the power generation and renewable energy markets.
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