Argan (NYSE:AGX) Raised to “Hold” at Freedom Capital

Argan (NYSE:AGX) was upgraded by Freedom Capital to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

AGX has been the topic of several other research reports. Glj Research raised Argan from a “hold” rating to a “buy” rating and raised their price objective for the stock from $251.00 to $369.00 in a report on Monday, November 10th. The Goldman Sachs Group assumed coverage on Argan in a research report on Tuesday, November 11th. They issued a “buy” rating and a $397.00 target price for the company. Zacks Research downgraded Argan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $370.00 price target (up from $315.00) on shares of Argan in a research report on Monday, December 1st. Finally, Lake Street Capital cut shares of Argan from a “buy” rating to a “hold” rating and lifted their target price for the company from $260.00 to $325.00 in a report on Friday, December 5th. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Argan presently has an average rating of “Hold” and an average target price of $355.20.

Argan Trading Up 0.3%

Shares of NYSE AGX traded up $1.58 during mid-day trading on Tuesday, reaching $460.88. The company had a trading volume of 89,835 shares, compared to its average volume of 395,659. The firm has a 50 day simple moving average of $389.21 and a two-hundred day simple moving average of $328.51. Argan has a 52-week low of $111.16 and a 52-week high of $484.13. The stock has a market cap of $6.39 billion, a P/E ratio of 54.37 and a beta of 0.57.

Insider Activity

In other Argan news, Director Peter W. Getsinger sold 6,595 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $313.71, for a total value of $2,068,917.45. Following the transaction, the director directly owned 7,847 shares of the company’s stock, valued at approximately $2,461,682.37. The trade was a 45.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Cynthia Flanders sold 19,000 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $386.70, for a total transaction of $7,347,300.00. Following the completion of the sale, the director owned 26,207 shares of the company’s stock, valued at $10,134,246.90. This trade represents a 42.03% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 54,915 shares of company stock valued at $19,854,754. Corporate insiders own 6.69% of the company’s stock.

Institutional Investors Weigh In On Argan

Hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its stake in shares of Argan by 5.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 541 shares of the construction company’s stock worth $170,000 after buying an additional 30 shares in the last quarter. National Bank of Canada FI grew its holdings in Argan by 26.7% during the third quarter. National Bank of Canada FI now owns 147 shares of the construction company’s stock worth $40,000 after acquiring an additional 31 shares during the period. Pallas Capital Advisors LLC grew its holdings in Argan by 1.3% during the fourth quarter. Pallas Capital Advisors LLC now owns 2,564 shares of the construction company’s stock worth $803,000 after acquiring an additional 34 shares during the period. Ring Mountain Capital LLC raised its position in Argan by 1.3% in the third quarter. Ring Mountain Capital LLC now owns 2,735 shares of the construction company’s stock worth $739,000 after acquiring an additional 35 shares in the last quarter. Finally, Spirepoint Private Client LLC lifted its holdings in Argan by 3.1% in the fourth quarter. Spirepoint Private Client LLC now owns 1,231 shares of the construction company’s stock valued at $386,000 after acquiring an additional 37 shares during the period. Institutional investors and hedge funds own 79.43% of the company’s stock.

Argan Company Profile

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.