Argan (NYSE:AGX) Stock Rating Upgraded by Zacks Research

Argan (NYSE:AGX) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday, Zacks reports.

Several other brokerages also recently commented on AGX. Wall Street Zen raised shares of Argan from a “hold” rating to a “buy” rating in a research report on Saturday, September 5th. Weiss Ratings cut shares of Argan from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday. Freedom Broker upgraded shares of Argan from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 4th. Piper Sandler assumed coverage on shares of Argan in a report on Tuesday. They issued an “underweight” rating and a $273.00 target price on the stock. Finally, Lake Street Capital upgraded shares of Argan from a “hold” rating to a “buy” rating and set a $600.00 target price for the company in a research note on Thursday, September 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Argan currently has an average rating of “Moderate Buy” and an average target price of $437.50.

Argan Trading Up 4.5%

Shares of NYSE:AGX opened at $414.07 on Thursday. The stock has a fifty day simple moving average of $538.95 and a two-hundred day simple moving average of $583.23. Argan has a 12-month low of $227.79 and a 12-month high of $805.75. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of 32.76, a PEG ratio of 2.92 and a beta of 0.57.

Argan (NYSE:AGX) last released its earnings results on Wednesday, September 2nd. The construction company reported $3.76 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $1.12. Argan had a return on equity of 38.51% and a net margin of 15.09%.The firm had revenue of $383.98 million for the quarter, compared to analysts’ expectations of $300.53 million. During the same period in the prior year, the firm posted $2.50 earnings per share. The company’s quarterly revenue was up 61.5% on a year-over-year basis. As a group, equities research analysts predict that Argan will post 13.56 EPS for the current year.

Insider Buying and Selling at Argan

In other Argan news, CFO Joshua Baugher sold 760 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $733.30, for a total value of $557,308.00. Following the transaction, the chief financial officer directly owned 1,479 shares in the company, valued at approximately $1,084,550.70. This trade represents a 33.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Jeffrey, Jr. sold 5,716 shares of Argan stock in a transaction on Friday, July 31st. The stock was sold at an average price of $579.64, for a total transaction of $3,313,222.24. Following the transaction, the director owned 2,533 shares in the company, valued at $1,468,228.12. This represents a 69.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 77,973 shares of company stock valued at $55,381,828 in the last quarter. Insiders own 2.99% of the company’s stock.

Institutional Trading of Argan

Several hedge funds have recently bought and sold shares of AGX. Western Wealth Management LLC purchased a new position in shares of Argan during the 1st quarter valued at about $25,000. Danske Bank A S purchased a new stake in Argan in the 3rd quarter worth approximately $27,000. University of Texas Texas AM Investment Management Co. bought a new stake in Argan during the 4th quarter worth approximately $30,000. Hilton Head Capital Partners LLC bought a new stake in Argan during the 4th quarter worth approximately $31,000. Finally, SJS Investment Consulting Inc. lifted its holdings in Argan by 2,950.0% during the first quarter. SJS Investment Consulting Inc. now owns 61 shares of the construction company’s stock valued at $33,000 after purchasing an additional 59 shares in the last quarter. Institutional investors own 79.43% of the company’s stock.

About Argan

Argan, Inc is an engineering, procurement and construction company that provides services to the power generation and energy infrastructure industries. The company supports the development, construction, commissioning and maintenance of power facilities, including natural gas-fired power plants, renewable energy projects and energy storage installations.

Argan primarily operates through subsidiaries including Gemma Power Systems, which provides engineering, project management and construction services for power generation projects; The Roberts Company, which performs industrial fabrication, equipment installation and field services; and Atlantic Projects Company, which provides engineering and construction services for power and industrial facilities.