Argan (NYSE:AGX) Stock Price Up 7.5% – Should You Buy?
by Kim Johansen · The Markets DailyArgan, Inc. (NYSE:AGX – Get Free Report)’s stock price rose 7.5% during mid-day trading on Monday . The stock traded as high as $447.31 and last traded at $445.16. Approximately 363,147 shares were traded during trading, a decline of 6% from the average daily volume of 386,357 shares. The stock had previously closed at $414.20.
Analyst Ratings Changes
AGX has been the topic of several recent analyst reports. The Goldman Sachs Group started coverage on Argan in a research note on Tuesday, November 11th. They set a “buy” rating and a $397.00 price objective on the stock. Lake Street Capital lowered shares of Argan from a “buy” rating to a “hold” rating and raised their price target for the company from $260.00 to $325.00 in a research report on Friday, December 5th. Zacks Research downgraded shares of Argan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. CJS Securities upgraded shares of Argan to a “hold” rating in a research note on Thursday, December 11th. Finally, Weiss Ratings reissued a “buy (b+)” rating on shares of Argan in a research report on Wednesday, December 24th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $355.20.
Get Our Latest Research Report on Argan
Argan Trading Up 3.7%
The stock’s 50-day moving average price is $383.06 and its two-hundred day moving average price is $326.56. The stock has a market capitalization of $6.60 billion, a P/E ratio of 55.91 and a beta of 0.57.
Argan Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, January 30th. Shareholders 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 0.4%. The ex-dividend date of this dividend was Thursday, January 22nd. Argan’s dividend payout ratio (DPR) is currently 23.56%.
Insider Transactions at Argan
In other news, Director William F. Leimkuhler sold 11,044 shares of the company’s stock in a transaction on Friday, January 16th. The stock was sold at an average price of $379.15, for a total transaction of $4,187,332.60. Following the transaction, the director owned 49,939 shares of the company’s stock, valued at $18,934,371.85. This represents a 18.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Cynthia Flanders sold 19,000 shares of the stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $386.70, for a total value of $7,347,300.00. Following the transaction, the director owned 26,207 shares of the company’s stock, valued at $10,134,246.90. The trade was a 42.03% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 54,915 shares of company stock valued at $19,854,754. Corporate insiders own 6.69% of the company’s stock.
Institutional Trading of Argan
A number of institutional investors have recently added to or reduced their stakes in AGX. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Argan in the 3rd quarter valued at about $14,138,000. Thames Capital Management LLC bought a new position in Argan during the 3rd quarter worth approximately $11,175,000. Versor Investments LP purchased a new position in Argan in the 3rd quarter worth approximately $971,000. Leavell Investment Management Inc. lifted its position in Argan by 125.3% in the third quarter. Leavell Investment Management Inc. now owns 12,505 shares of the construction company’s stock valued at $3,377,000 after purchasing an additional 6,955 shares during the last quarter. Finally, Moody Aldrich Partners LLC purchased a new stake in shares of Argan during the third quarter valued at approximately $3,772,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.
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.