Argan, Inc. (AGX) Rating Increased to Sell at BidaskClub
Argan, Inc. (NYSE:AGX) was upgraded by stock analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued on Wednesday.
A number of other analysts have also weighed in on AGX. Lake Street Capital upped their price objective on Argan from $70.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, June 8th. Sidoti initiated coverage on Argan in a research report on Wednesday, June 28th. They set a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $75.00.
Shares of Argan (NYSE AGX) traded down 0.47% during mid-day trading on Wednesday, reaching $63.10. The company’s stock had a trading volume of 129,820 shares. The stock has a 50 day moving average of $61.57 and a 200-day moving average of $66.78. The stock has a market cap of $979.25 million, a P/E ratio of 12.66 and a beta of 0.91. Argan has a one year low of $45.41 and a one year high of $76.70.
Argan (NYSE:AGX) last announced its earnings results on Wednesday, June 7th. The construction company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.42. The company had revenue of $230.49 million for the quarter, compared to analyst estimates of $183.10 million. Argan had a return on equity of 27.78% and a net margin of 10.15%. The company’s revenue was up 76.8% on a year-over-year basis. On average, equities research analysts expect that Argan will post $4.23 EPS for the current fiscal year.
In other news, Director Henry A. Crumpton sold 30,000 shares of the company’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $62.24, for a total transaction of $1,867,200.00. Following the sale, the director now owns 20,000 shares of the company’s stock, valued at $1,244,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter W. Getsinger sold 3,000 shares of the company’s stock in a transaction on Wednesday, April 26th. The stock was sold at an average price of $67.72, for a total value of $203,160.00. Following the sale, the director now directly owns 12,500 shares in the company, valued at approximately $846,500. The disclosure for this sale can be found here. 9.50% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. State Street Corp raised its stake in Argan by 5.5% in the fourth quarter. State Street Corp now owns 239,699 shares of the construction company’s stock worth $16,907,000 after buying an additional 12,424 shares in the last quarter. FMR LLC raised its stake in Argan by 54.3% in the fourth quarter. FMR LLC now owns 470,525 shares of the construction company’s stock worth $33,196,000 after buying an additional 165,532 shares in the last quarter. Norges Bank bought a new stake in Argan during the fourth quarter worth $9,798,000. Quadrature Capital Ltd bought a new stake in Argan during the fourth quarter worth $275,000. Finally, USA Financial Portformulas Corp bought a new stake in Argan during the fourth quarter worth $269,000. 85.46% of the stock is currently owned by institutional investors and hedge funds.
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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