Lake Street Capital Downgrades Argan (NYSE:AGX) to Hold

Argan (NYSE:AGX) was downgraded by Lake Street Capital from a “buy” rating to a “hold” rating in a research report issued on Tuesday,Briefing.com Automated Import reports. They presently have a $150.00 price objective on the construction company’s stock, up from their prior price objective of $85.00. Lake Street Capital’s price target indicates a potential downside of 3.86% from the stock’s current price.

Separately, StockNews.com lowered shares of Argan from a “buy” rating to a “hold” rating in a research report on Tuesday, October 29th.

Argan Trading Up 0.1 %

Shares of NYSE AGX opened at $156.02 on Tuesday. The firm has a market capitalization of $2.11 billion, a PE ratio of 49.06 and a beta of 0.53. Argan has a 12 month low of $39.74 and a 12 month high of $165.33. The firm has a fifty day simple moving average of $131.26 and a two-hundred day simple moving average of $95.31.

Argan (NYSE:AGX) last posted its quarterly earnings data on Thursday, September 5th. The construction company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.34. Argan had a return on equity of 14.80% and a net margin of 6.11%. The business had revenue of $227.02 million for the quarter, compared to analyst estimates of $191.05 million. The company’s revenue was up 60.6% on a year-over-year basis.

Insider Activity at Argan

In related news, Director William F. Leimkuhler sold 10,000 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $96.20, for a total value of $962,000.00. Following the completion of the transaction, the director now owns 35,852 shares of the company’s stock, valued at approximately $3,448,962.40. This represents a 21.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Cynthia Flanders sold 5,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $96.39, for a total value of $481,950.00. Following the transaction, the director now owns 17,332 shares of the company’s stock, valued at approximately $1,670,631.48. The trade was a 22.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,703 shares of company stock valued at $4,257,794. Corporate insiders own 11.85% of the company’s stock.

Institutional Investors Weigh In On Argan

Several large investors have recently modified their holdings of AGX. Entropy Technologies LP boosted its position in Argan by 108.6% during the 3rd quarter. Entropy Technologies LP now owns 7,104 shares of the construction company’s stock valued at $721,000 after purchasing an additional 3,699 shares during the period. Truist Financial Corp increased its stake in Argan by 76.2% in the second quarter. Truist Financial Corp now owns 12,552 shares of the construction company’s stock valued at $918,000 after acquiring an additional 5,430 shares during the period. Saturna Capital Corp purchased a new position in Argan during the third quarter valued at $395,000. Allspring Global Investments Holdings LLC raised its position in Argan by 283.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 57,536 shares of the construction company’s stock valued at $5,836,000 after purchasing an additional 42,527 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Argan by 279.4% during the third quarter. Victory Capital Management Inc. now owns 13,635 shares of the construction company’s stock worth $1,383,000 after purchasing an additional 10,041 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

About Argan

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The company operates through Power Services, Industrial Services, and Telecom Services segments. The Power Services segment offers engineering, procurement, and construction, as well as designing, building, and commissioning of large-scale energy projects to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for projects with approximately 18 gigawatts of power-generating capacity.