Brokerages Set $71.00 Target Price for Argan, Inc. (AGX)
Argan, Inc. (NYSE:AGX) has been given a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that cover the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong buy rating.
Brokers have set a 12 month consensus target price of $71.00 for the company, according to Zacks. Zacks has also assigned Argan an industry rank of 169 out of 265 based on the ratings given to related companies.
Separately, BidaskClub downgraded shares of Argan from a “hold” rating to a “sell” rating in a research note on Monday, August 14th.
In other news, Director John Ronald Jr. Jeffrey acquired 1,500 shares of the stock in a transaction that occurred on Tuesday, September 19th. The stock was purchased at an average cost of $62.49 per share, for a total transaction of $93,735.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.64% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. FMR LLC raised its stake in shares of Argan by 1.4% during the 2nd quarter. FMR LLC now owns 477,225 shares of the construction company’s stock worth $28,634,000 after purchasing an additional 6,400 shares in the last quarter. Morgan Stanley increased its holdings in shares of Argan by 5.2% during the 1st quarter. Morgan Stanley now owns 191,154 shares of the construction company’s stock worth $12,644,000 after acquiring an additional 9,464 shares during the last quarter. Seizert Capital Partners LLC increased its holdings in shares of Argan by 44.9% during the 2nd quarter. Seizert Capital Partners LLC now owns 45,302 shares of the construction company’s stock worth $2,718,000 after acquiring an additional 14,031 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Argan by 32.0% during the 2nd quarter. First Trust Advisors LP now owns 114,797 shares of the construction company’s stock worth $6,888,000 after acquiring an additional 27,856 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Argan by 184.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 281,592 shares of the construction company’s stock worth $16,895,000 after acquiring an additional 182,638 shares during the last quarter. Institutional investors own 86.78% of the company’s stock.
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Argan (NYSE:AGX) opened at $68.55 on Friday. The firm has a market capitalization of $1,045.31, a P/E ratio of 12.27 and a beta of 0.93.
Argan (NYSE:AGX) last announced its quarterly earnings results on Thursday, September 7th. The construction company reported $1.72 EPS for the quarter, beating the consensus estimate of $1.03 by $0.69. Argan had a return on equity of 28.23% and a net margin of 9.88%. The company had revenue of $259.80 million for the quarter, compared to the consensus estimate of $217.75 million. During the same quarter last year, the company posted $1.29 earnings per share. The company’s revenue for the quarter was up 59.9% compared to the same quarter last year.
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. 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. This represents a dividend yield of 1.63%. 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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