Argan (NYSE:AGX – Get Free Report) was upgraded by research analysts at Freedom Broker from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Friday, Zacks reports.
AGX has been the subject of a number of other research reports. Weiss Ratings raised Argan from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, August 27th. Wall Street Zen raised Argan from a “hold” rating to a “buy” rating in a research report on Saturday. Lake Street Capital raised shares of Argan from a “hold” rating to a “buy” rating and set a $600.00 target price on the stock in a research report on Thursday. Finally, Zacks Research cut Argan from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $470.40.
View Our Latest Stock Analysis on Argan
Argan Stock Up 1.4%
Argan (NYSE:AGX – Get Free Report) last issued its quarterly earnings data on Wednesday, September 2nd. The construction company reported $3.76 EPS for the quarter, beating the consensus estimate of $2.64 by $1.12. The firm had revenue of $383.98 million during the quarter, compared to the consensus estimate of $300.53 million. Argan had a net margin of 15.09% and a return on equity of 38.51%. The company’s quarterly revenue was up 61.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.50 earnings per share. Equities research analysts anticipate that Argan will post 12.6 earnings per share for the current year.
Insider Transactions at Argan
In other Argan news, Chairman William F. Griffin, Jr. sold 50,000 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $643.46, for a total transaction of $32,173,000.00. Following the completion of the sale, the chairman owned 90,976 shares of the company’s stock, valued at approximately $58,539,416.96. The trade was a 35.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John Jeffrey, Jr. sold 5,716 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $579.64, for a total value of $3,313,222.24. Following the transaction, the director owned 2,533 shares of the company’s stock, valued at approximately $1,468,228.12. This trade represents a 69.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 127,973 shares of company stock worth $87,554,828. 2.99% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Argan
Several large investors have recently added to or reduced their stakes in AGX. California State Teachers Retirement System boosted its position in shares of Argan by 77,552.2% in the second quarter. California State Teachers Retirement System now owns 12,498,905 shares of the construction company’s stock worth $9,981,001,000 after purchasing an additional 12,482,809 shares during the period. BlackRock Inc. bought a new stake in shares of Argan during the 2nd quarter valued at $1,764,086,000. Maverick Capital Ltd. purchased a new position in shares of Argan during the 4th quarter valued at $137,503,000. First Trust Advisors LP boosted its holdings in Argan by 32.1% in the 1st quarter. First Trust Advisors LP now owns 791,353 shares of the construction company’s stock worth $431,010,000 after buying an additional 192,204 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in Argan in the 2nd quarter worth $131,878,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.
Argan News Summary
Here are the key news stories impacting Argan this week:
- Positive Sentiment: Lake Street upgraded AGX to Buy from Hold and set a $600 price target, citing improved fundamentals and growth prospects. Based on the referenced price of $417.52, the target implies substantial potential upside. Lake Street upgrades Argan to Buy from Hold
- Positive Sentiment: Argan’s fiscal second-quarter results significantly exceeded expectations. Earnings per share came in at $3.76 versus the $2.64 consensus estimate, while revenue reached $383.98 million compared with expectations of $300.53 million. Revenue increased 61.5% year over year, and the company reported a 15.09% net margin and 38.51% return on equity. Why Argan Stock Just Popped
- Positive Sentiment: Power-segment growth and margin expansion strengthened the outlook. Analysts highlighted approximately 53% Power revenue growth, solid project margins and a backlog of roughly $2.5 billion. Demand tied to electrification, data centers and domestic manufacturing could support continued demand for Argan’s power-infrastructure construction services. Argan Stock Rises on Q2 Earnings and Revenue Beat
- Neutral Sentiment: Management pointed to a strong gas-project pipeline and plans to expand capacity, but cautioned that revenue growth may moderate in the near term as project timing and execution affect results. Argan Q2 Earnings Call Highlights
Argan Company Profile
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.
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