Argan, Inc. (NYSE:AGX) Receives Average Recommendation of “Hold” from Brokerages

Argan, Inc. (NYSE:AGX) has been given a consensus recommendation of “Hold” by the nine ratings firms that are presently covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $355.20.

A number of equities analysts have recently issued reports on AGX shares. Lake Street Capital downgraded Argan from a “buy” rating to a “hold” rating and raised their price target for the stock from $260.00 to $325.00 in a research note on Friday, December 5th. Zacks Research cut Argan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. CJS Securities raised Argan to a “hold” rating in a report on Thursday, December 11th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $370.00 target price (up from $315.00) on shares of Argan in a research report on Monday, December 1st. Finally, Freedom Capital raised shares of Argan to a “hold” rating in a research report on Tuesday, March 10th.

Insider Buying and Selling at Argan

In other news, Director Peter W. Getsinger sold 6,595 shares of Argan stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $313.71, for a total transaction of $2,068,917.45. Following the transaction, the director owned 7,847 shares in the company, valued at $2,461,682.37. This trade represents a 45.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William F. Leimkuhler sold 11,044 shares of the business’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $379.15, for a total transaction of $4,187,332.60. Following the sale, the director directly owned 49,939 shares of the company’s stock, valued at approximately $18,934,371.85. The trade was a 18.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 54,915 shares of company stock valued at $19,854,754. 6.69% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Argan

Institutional investors and hedge funds have recently bought and sold shares of the stock. Maverick Capital Ltd. bought a new position in shares of Argan in the fourth quarter worth about $137,503,000. First Trust Advisors LP grew its stake in shares of Argan by 14,436.3% during the 2nd quarter. First Trust Advisors LP now owns 329,393 shares of the construction company’s stock valued at $72,624,000 after acquiring an additional 327,127 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Argan by 696.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 296,988 shares of the construction company’s stock worth $65,480,000 after acquiring an additional 259,720 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in Argan by 168.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 253,365 shares of the construction company’s stock worth $55,862,000 after acquiring an additional 159,149 shares during the period. Finally, Invesco Ltd. raised its stake in Argan by 172.5% during the 2nd quarter. Invesco Ltd. now owns 229,893 shares of the construction company’s stock worth $50,687,000 after acquiring an additional 145,516 shares during the period. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Argan Stock Down 0.2%

Shares of Argan stock opened at $458.31 on Monday. The company has a market cap of $6.36 billion, a price-to-earnings ratio of 53.98 and a beta of 0.57. The company’s 50 day moving average is $391.86 and its 200 day moving average is $331.55. Argan has a twelve month low of $111.16 and a twelve month high of $484.13.

About Argan

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.