Argan, Inc. (NYSE:AGX) Sees Large Increase in Short Interest

Argan, Inc. (NYSE:AGX) was the target of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 104,300 shares, an increase of 9.0% from the February 29th total of 95,700 shares. Based on an average daily trading volume, of 59,500 shares, the days-to-cover ratio is currently 1.8 days. Currently, 0.8% of the company’s stock are sold short.

Argan Stock Performance

Shares of Argan stock traded up $0.24 during trading on Wednesday, hitting $49.95. 14,678 shares of the stock traded hands, compared to its average volume of 58,038. The stock has a market cap of $665.83 million, a P/E ratio of 19.92 and a beta of 0.49. Argan has a twelve month low of $37.37 and a twelve month high of $51.97. The company has a fifty day moving average price of $47.43 and a two-hundred day moving average price of $46.29.

Institutional Investors Weigh In On Argan

A number of large investors have recently added to or reduced their stakes in AGX. Wellington Management Group LLP boosted its position in Argan by 123.2% during the first quarter. Wellington Management Group LLP now owns 214,700 shares of the construction company’s stock worth $8,689,000 after purchasing an additional 118,500 shares during the period. State Street Corp lifted its holdings in shares of Argan by 27.9% during the first quarter. State Street Corp now owns 376,082 shares of the construction company’s stock worth $15,265,000 after buying an additional 82,024 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Argan by 9.9% in the first quarter. Dimensional Fund Advisors LP now owns 763,161 shares of the construction company’s stock valued at $30,976,000 after purchasing an additional 69,059 shares in the last quarter. Wasatch Advisors LP raised its stake in shares of Argan by 73.0% in the first quarter. Wasatch Advisors LP now owns 151,726 shares of the construction company’s stock valued at $6,140,000 after purchasing an additional 64,007 shares in the last quarter. Finally, Royce & Associates LP raised its stake in shares of Argan by 44.5% in the first quarter. Royce & Associates LP now owns 160,327 shares of the construction company’s stock valued at $6,488,000 after purchasing an additional 49,350 shares in the last quarter. Institutional investors own 79.43% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered Argan from a “strong-buy” rating to a “buy” rating in a report on Friday, December 8th.

Argan Company Profile

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, technical, and consulting services to the power generation market. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments.