Lake Street Capital Downgrades Argan (AGX) to Hold
Argan (NYSE:AGX) was downgraded by Lake Street Capital from a “buy” rating to a “hold” rating in a research report issued on Thursday. They presently have a $56.00 target price on the construction company’s stock, down from their prior target price of $71.00. Lake Street Capital’s price target suggests a potential downside of 2.61% from the stock’s previous close.
Separately, BidaskClub cut shares of Argan from a “hold” rating to a “sell” rating in a research note on Monday, August 14th.
Argan (NYSE AGX) opened at $57.50 on Thursday. The stock has a market cap of $899.98, a P/E ratio of 10.57 and a beta of 0.86. Argan has a 1-year low of $56.20 and a 1-year high of $76.70.
In other news, Director John Ronald Jr. Jeffrey bought 1,000 shares of the firm’s stock in a transaction on Friday, October 20th. The shares were bought at an average price of $68.02 per share, for a total transaction of $68,020.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 9.50% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in AGX. C M Bidwell & Associates Ltd. bought a new stake in shares of Argan during the second quarter valued at approximately $106,000. Victory Capital Management Inc. raised its position in shares of Argan by 17.7% during the second quarter. Victory Capital Management Inc. now owns 2,001 shares of the construction company’s stock valued at $120,000 after buying an additional 301 shares during the last quarter. Mountain Capital Investment Advisors Inc bought a new stake in shares of Argan during the second quarter valued at approximately $123,000. Amica Retiree Medical Trust bought a new stake in shares of Argan during the third quarter valued at approximately $123,000. Finally, Quantbot Technologies LP bought a new stake in shares of Argan during the second quarter valued at approximately $181,000. Hedge funds and other institutional investors own 83.91% of the company’s stock.
Argan Company Profile
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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