Argan (NYSE:AGX) Stock Price Up 7.1% – What’s Next?

Argan, Inc. (NYSE:AGX) rose 7.1% during trading on Friday . The company traded as high as $440.86 and last traded at $443.4820. Approximately 13,036 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 399,445 shares. The stock had previously closed at $414.12.

Analyst Ratings Changes

Several research firms have recently commented on AGX. Glj Research upgraded Argan from a “hold” rating to a “buy” rating and lifted their price target for the stock from $251.00 to $369.00 in a report on Monday, November 10th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Argan in a research note on Wednesday, December 24th. Lake Street Capital lowered shares of Argan from a “buy” rating to a “hold” rating and boosted their target price for the company from $260.00 to $325.00 in a report on Friday, December 5th. The Goldman Sachs Group began coverage on shares of Argan in a report on Tuesday, November 11th. They set a “buy” rating and a $397.00 price target for the company. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $370.00 price objective (up from $315.00) on shares of Argan in a report on Monday, December 1st. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $355.20.

Argan Stock Performance

The company’s 50-day simple moving average is $351.16 and its 200 day simple moving average is $305.45. The company has a market cap of $6.09 billion, a PE ratio of 51.73 and a beta of 0.63.

Argan (NYSE:AGX) last released its earnings results on Thursday, December 4th. The construction company reported $2.17 EPS for the quarter, topping the consensus estimate of $1.82 by $0.35. The firm had revenue of $251.15 million during the quarter, compared to analysts’ expectations of $251.50 million. Argan had a return on equity of 31.38% and a net margin of 13.11%.Argan’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.00 EPS.

Argan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Thursday, January 22nd were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Thursday, January 22nd. Argan’s dividend payout ratio (DPR) is 23.56%.

Insider Buying and Selling

In other Argan news, Director James W. Quinn sold 1,000 shares of the stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $328.04, for a total value of $328,040.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter W. Getsinger sold 6,595 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $313.71, for a total value of $2,068,917.45. Following the sale, the director directly owned 7,847 shares in the company, valued at $2,461,682.37. This trade represents a 45.67% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 55,915 shares of company stock worth $20,182,794. 6.69% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Argan

Several institutional investors have recently bought and sold shares of the business. Emerald Mutual Fund Advisers Trust acquired a new position in Argan during the third quarter worth approximately $14,138,000. Thames Capital Management LLC bought a new position in shares of Argan during the 3rd quarter worth approximately $11,175,000. Leavell Investment Management Inc. increased its holdings in shares of Argan by 125.3% during the 3rd quarter. Leavell Investment Management Inc. now owns 12,505 shares of the construction company’s stock worth $3,377,000 after acquiring an additional 6,955 shares during the last quarter. Versor Investments LP bought a new stake in Argan in the 3rd quarter valued at $971,000. Finally, Moody Aldrich Partners LLC acquired a new stake in Argan during the 3rd quarter valued at $3,772,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

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.