Argan, Inc. (AGX) Lowered to Sell at BidaskClub
Argan, Inc. (NYSE:AGX) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.
A number of other equities research analysts have also weighed in on the stock. Sidoti began coverage on shares of Argan in a report on Wednesday, June 28th. They issued a “neutral” rating for the company. Lake Street Capital boosted their price objective on shares of Argan from $70.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, June 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. Argan currently has a consensus rating of “Hold” and an average price target of $75.00.
Shares of Argan (NYSE AGX) traded up 2.56% during trading on Monday, reaching $62.00. 93,055 shares of the company’s stock traded hands. Argan has a 52-week low of $45.51 and a 52-week high of $76.70. The company has a market cap of $962.18 million, a price-to-earnings ratio of 12.44 and a beta of 0.91. The company’s 50-day moving average is $62.96 and its 200 day moving average is $65.89.
Argan (NYSE:AGX) last announced its quarterly earnings data on Wednesday, June 7th. The construction company reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.42. The firm had revenue of $230.49 million during the quarter, compared to analyst estimates of $183.10 million. Argan had a net margin of 10.15% and a return on equity of 27.78%. The firm’s revenue was up 76.8% on a year-over-year basis. Equities analysts forecast that Argan will post $4.23 EPS for the current year.
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In related news, Director Henry A. Crumpton sold 30,000 shares of Argan stock in a transaction on Monday, June 12th. The shares were sold at an average price of $62.24, for a total value of $1,867,200.00. Following the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at $1,244,800. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Ronald Jr. Jeffrey bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, June 26th. The stock was purchased at an average cost of $60.95 per share, for a total transaction of $60,950.00. The disclosure for this purchase can be found here. 7.64% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. increased its position in shares of Argan by 117.3% in the second quarter. Meeder Asset Management Inc. now owns 1,775 shares of the construction company’s stock valued at $106,000 after buying an additional 958 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Argan by 17.7% in 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. Creative Planning increased its position in shares of Argan by 2,480.0% in the first quarter. Creative Planning now owns 2,580 shares of the construction company’s stock valued at $171,000 after buying an additional 2,480 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Argan during the second quarter valued at approximately $181,000. Finally, Mckinley Capital Management LLC Delaware increased its position in shares of Argan by 30.9% in the first quarter. Mckinley Capital Management LLC Delaware now owns 3,174 shares of the construction company’s stock valued at $210,000 after buying an additional 749 shares during the last quarter. 83.52% of the stock is currently owned by institutional investors.
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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