Argan (NYSE:AGX) Downgraded by Lake Street Capital to Hold

Argan (NYSE:AGX) was downgraded by equities researchers at Lake Street Capital from a “buy” rating to a “hold” rating in a report issued on Tuesday,Briefing.com Automated Import reports. They currently have a $150.00 target price on the construction company’s stock, up from their previous target price 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 downgraded Argan from a “buy” rating to a “hold” rating in a research report on Tuesday, October 29th.

Argan Price Performance

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

Argan (NYSE:AGX) last issued its earnings results on Thursday, September 5th. The construction company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.34. The firm had revenue of $227.02 million during the quarter, compared to analyst estimates of $191.05 million. Argan had a net margin of 6.11% and a return on equity of 14.80%. The company’s quarterly revenue was up 60.6% compared to the same quarter last year.

Insiders Place Their Bets

In other Argan news, Director William F. Leimkuhler sold 10,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $96.20, for a total transaction of $962,000.00. Following the completion of the sale, the director now directly owns 35,852 shares in the company, valued at $3,448,962.40. This represents a 21.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rainer H. Bosselmann sold 4,598 shares of the firm’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $131.01, for a total transaction of $602,383.98. Following the completion of the sale, the director now owns 236,745 shares of the company’s stock, valued at $31,015,962.45. The trade was a 1.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,703 shares of company stock worth $4,257,794 in the last quarter. 11.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Argan

A number of institutional investors have recently added to or reduced their stakes in the company. Entropy Technologies LP increased its holdings in shares of Argan by 108.6% in the third quarter. Entropy Technologies LP now owns 7,104 shares of the construction company’s stock worth $721,000 after buying an additional 3,699 shares during the period. Truist Financial Corp raised its stake in Argan by 76.2% during the second quarter. Truist Financial Corp now owns 12,552 shares of the construction company’s stock valued at $918,000 after purchasing an additional 5,430 shares in the last quarter. Saturna Capital Corp purchased a new position in Argan during the 3rd quarter valued at $395,000. Allspring Global Investments Holdings LLC boosted 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 acquiring an additional 42,527 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake 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 buying an additional 10,041 shares during the period. 79.43% of the stock is owned by institutional investors.

Argan Company Profile

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.