Argan (NYSE:AGX) Sets New 12-Month Low – Here’s What Happened

Argan, Inc. (NYSE:AGX)’s stock price hit a new 52-week low during trading on Thursday. The company traded as low as $271.41 and last traded at $266.6490, with a volume of 17,122 shares. The stock had previously closed at $290.66.

Wall Street Analysts Forecast Growth

AGX has been the topic of several research reports. Weiss Ratings cut shares of Argan from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 23rd. Wall Street Zen upgraded shares of Argan from a “hold” rating to a “buy” rating in a research report on Sunday, October 18th. Freedom Broker upgraded shares of Argan from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 4th. Lake Street Capital raised Argan from a “hold” rating to a “buy” rating and set a $600.00 target price on the stock in a research note on Thursday, September 3rd. Finally, Piper Sandler started coverage on Argan in a research report on Tuesday, September 8th. They set an “underweight” rating and a $273.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $509.00.

Argan Stock Performance

The company has a market cap of $3.69 billion, a P/E ratio of 20.86, a P/E/G ratio of 2.54 and a beta of 0.64. The stock has a 50-day moving average of $380.07 and a two-hundred day moving average of $517.07.

Argan (NYSE:AGX) last issued its quarterly earnings results on Wednesday, September 2nd. The construction company reported $3.76 EPS for the quarter, beating analysts’ consensus estimates of $2.64 by $1.12. Argan had a net margin of 15.09% and a return on equity of 38.51%. The business had revenue of $383.98 million for the quarter, compared to analysts’ expectations of $300.53 million. During the same period last year, the business earned $2.50 earnings per share. The business’s quarterly revenue was up 61.5% on a year-over-year basis. As a group, sell-side analysts forecast that Argan, Inc. will post 13.72 EPS for the current fiscal year.

Argan Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Thursday, October 22nd were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Thursday, October 22nd. This is a positive change from Argan’s previous quarterly dividend of $0.50. Argan’s dividend payout ratio (DPR) is presently 22.15%.

Institutional Investors Weigh In On Argan

Institutional investors have recently made changes to their positions in the business. Western Wealth Management LLC purchased a new position in Argan in the 1st quarter worth $25,000. Public Employees Retirement System of Ohio bought a new stake in Argan in the second quarter worth $38,000. GK Wealth Management LLC purchased a new stake in Argan during the third quarter valued at about $42,000. Plato Investment Management Ltd purchased a new stake in Argan during the second quarter valued at about $52,000. Finally, Harbor Investment Advisory LLC purchased a new stake in Argan during the second quarter valued at about $77,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

About Argan

Argan, Inc is a holding company that provides engineering, procurement, construction, commissioning, operations and maintenance services for the power generation and renewable energy industries. Its work supports the development, construction and improvement of utility-scale energy infrastructure.

Through its subsidiaries, Argan offers engineering and construction management, project development support, procurement, installation, startup and commissioning services. Its projects have included natural gas-fired power plants, solar and other renewable energy facilities, and related industrial and electrical infrastructure.

Argan’s principal operating businesses include Gemma Power Systems, which provides engineering, procurement and construction services for power generation and renewable energy projects, and Atlantic Projects Company, which provides engineering, project management and construction-related services.