Argan, Inc. (NYSE:AGX – Get Free Report) has received an average recommendation of “Moderate Buy” from the ten analysts that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $509.00.
A number of research analysts recently commented on AGX shares. Weiss Ratings cut Argan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 23rd. Zacks Research downgraded Argan from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 9th. Freedom Broker upgraded shares of Argan from a “hold” rating to a “strong-buy” rating in a report on Friday, September 4th. Wall Street Zen raised shares of Argan from a “hold” rating to a “buy” rating in a research report on Sunday, October 18th. Finally, Lake Street Capital raised shares of Argan from a “hold” rating to a “buy” rating and set a $600.00 target price for the company in a research note on Thursday, September 3rd.
View Our Latest Stock Report on AGX
Hedge Funds Weigh In On Argan
A number of hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC raised its position in shares of Argan by 63.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,185 shares of the construction company’s stock worth $450,000 after acquiring an additional 459 shares in the last quarter. Waldron Private Wealth LLC acquired a new stake in Argan during the third quarter worth approximately $269,000. Kestra Advisory Services LLC raised its holdings in Argan by 807.9% during the third quarter. Kestra Advisory Services LLC now owns 6,873 shares of the construction company’s stock worth $2,598,000 after purchasing an additional 6,116 shares in the last quarter. Bridge City Capital LLC grew its holdings in shares of Argan by 21.4% during the third quarter. Bridge City Capital LLC now owns 4,067 shares of the construction company’s stock worth $1,537,000 after purchasing an additional 717 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Argan during the 3rd quarter worth $4,777,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.
Argan Stock Down 3.3%
NYSE AGX opened at $332.86 on Tuesday. Argan has a 52 week low of $276.28 and a 52 week high of $805.75. The business’s fifty day simple moving average is $385.69 and its 200-day simple moving average is $517.12. The firm has a market cap of $4.67 billion, a PE ratio of 27.90, a P/E/G ratio of 2.57 and a beta of 0.56.
Argan (NYSE:AGX – Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The construction company reported $3.76 earnings per share for the quarter, beating the consensus estimate of $2.64 by $1.12. Argan had a net margin of 15.09% and a return on equity of 38.51%. The firm had revenue of $383.98 million for the quarter, compared to analysts’ expectations of $300.53 million. During the same quarter in the previous year, the company posted $2.50 EPS. The company’s revenue was up 61.5% compared to the same quarter last year. Research analysts expect that Argan will post 13.72 EPS for the current year.
Argan Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Thursday, October 22nd were paid a $0.70 dividend. This is a positive change from Argan’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Thursday, October 22nd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 0.8%. Argan’s payout ratio is presently 22.15%.
About Argan
Argan, Inc is a holding company that provides engineering, procurement, construction, commissioning, operations and maintenance services for the power generation and renewable energy industries. Its work supports the development, construction and improvement of utility-scale energy infrastructure.
Through its subsidiaries, Argan offers engineering and construction management, project development support, procurement, installation, startup and commissioning services. Its projects have included natural gas-fired power plants, solar and other renewable energy facilities, and related industrial and electrical infrastructure.
Argan’s principal operating businesses include Gemma Power Systems, which provides engineering, procurement and construction services for power generation and renewable energy projects, and Atlantic Projects Company, which provides engineering, project management and construction-related services.
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