Argan, Inc. (AGX) Receives Consensus Recommendation of “Strong Buy” from Brokerages
Shares of Argan, Inc. (NYSE:AGX) have been given a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that provide coverage for the stock, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy recommendation.
Analysts have set a twelve-month consensus target price of $71.00 for the company, according to Zacks. Zacks has also assigned Argan an industry rank of 181 out of 265 based on the ratings given to related companies.
Separately, BidaskClub lowered shares of Argan from a “hold” rating to a “sell” rating in a research note on Monday, August 14th.
In other Argan news, Director John Ronald Jr. Jeffrey bought 1,500 shares of Argan stock in a transaction dated Tuesday, September 19th. The shares were bought at an average price of $62.49 per share, with a total value of $93,735.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.50% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Bessemer Group Inc. acquired a new stake in shares of Argan in the 3rd quarter valued at approximately $733,000. New Amsterdam Partners LLC NY acquired a new stake in shares of Argan in the 3rd quarter valued at approximately $5,413,000. American Century Companies Inc. raised its position in shares of Argan by 112.1% in the 3rd quarter. American Century Companies Inc. now owns 121,675 shares of the construction company’s stock valued at $8,183,000 after acquiring an additional 64,313 shares during the period. Chicago Equity Partners LLC raised its position in shares of Argan by 9.7% in the 3rd quarter. Chicago Equity Partners LLC now owns 59,445 shares of the construction company’s stock valued at $3,998,000 after acquiring an additional 5,240 shares during the period. Finally, Navellier & Associates Inc raised its position in shares of Argan by 3.0% in the 2nd quarter. Navellier & Associates Inc now owns 14,780 shares of the construction company’s stock valued at $887,000 after acquiring an additional 435 shares during the period. 87.00% of the stock is currently owned by institutional investors.
Shares of Argan (NYSE AGX) traded down $1.65 during trading hours on Friday, reaching $67.25. 108,600 shares of the company’s stock were exchanged, compared to its average volume of 135,722. The stock has a market cap of $1.06 billion, a P/E ratio of 12.39 and a beta of 0.93.
Argan (NYSE:AGX) last issued its earnings results on Thursday, September 7th. The construction company reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.69. The company had revenue of $259.80 million for the quarter, compared to analyst estimates of $217.75 million. Argan had a net margin of 9.88% and a return on equity of 28.23%. The company’s revenue for the quarter was up 59.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.29 EPS.
The firm also recently announced an annual dividend, which was paid on Tuesday, October 31st. Stockholders of record on Friday, October 20th were paid a $1.00 dividend. This represents a dividend yield of 1.63%. The ex-dividend date of this dividend was Thursday, October 19th. This is a positive change from Argan’s previous annual dividend of $0.70. Argan’s dividend payout ratio (DPR) is 18.25%.
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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