Argan (NYSE:AGX - Get Free Report) was downgraded by equities researchers at StockNews.com from a "buy" rating to a "hold" rating in a research note issued on Tuesday.
Argan Stock Up 1.4 %
Argan stock traded up $1.80 during mid-day trading on Tuesday, reaching $133.00. 245,828 shares of the company's stock were exchanged, compared to its average volume of 160,258. The business's fifty day simple moving average is $98.34 and its 200 day simple moving average is $80.20. The firm has a market capitalization of $1.80 billion, a PE ratio of 41.82 and a beta of 0.53. Argan has a one year low of $39.74 and a one year high of $135.85.
Argan (NYSE:AGX - Get Free Report) last issued its earnings results on Thursday, September 5th. The construction company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.34. The firm had revenue of $227.02 million for the quarter, compared to analyst estimates of $191.05 million. Argan had a return on equity of 14.80% and a net margin of 6.11%. The firm's revenue was up 60.6% on a year-over-year basis.
Insider Buying and Selling
In related news, Director Rainer H. Bosselmann sold 4,598 shares of the business's stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $131.01, for a total transaction of $602,383.98. Following the completion of the transaction, the director now directly owns 236,745 shares in the company, valued at $31,015,962.45. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Rainer H. Bosselmann sold 4,598 shares of the company's stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $131.01, for a total value of $602,383.98. Following the completion of the transaction, the director now directly owns 236,745 shares in the company, valued at approximately $31,015,962.45. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman William F. Griffin, Jr. sold 13,115 shares of the company's stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $79.66, for a total value of $1,044,740.90. Following the completion of the transaction, the chairman now owns 157,604 shares of the company's stock, valued at $12,554,734.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,818 shares of company stock worth $5,302,535 over the last ninety days. 11.85% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Argan
Hedge funds and other institutional investors have recently modified their holdings of the company. Pinnacle Associates Ltd. lifted its stake in shares of Argan by 45.2% in the 3rd quarter. Pinnacle Associates Ltd. now owns 21,712 shares of the construction company's stock valued at $2,202,000 after acquiring an additional 6,761 shares during the last quarter. Pallas Capital Advisors LLC bought a new stake in shares of Argan in the 3rd quarter valued at about $186,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Argan in the 3rd quarter valued at about $261,000. Court Place Advisors LLC bought a new stake in shares of Argan in the 3rd quarter valued at about $208,000. Finally, Hennion & Walsh Asset Management Inc. lifted its stake in shares of Argan by 17.3% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 4,018 shares of the construction company's stock valued at $408,000 after acquiring an additional 592 shares during the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.
About Argan
(
Get Free Report)
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.
Further Reading
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