Analysts Set $70.33 Target Price for Argan, Inc. (NYSE:AGX)

Shares of Argan, Inc. (NYSE:AGX) have earned a consensus broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company.

Brokers have set a one year consensus price objective of $70.33 for the company and are anticipating that the company will post $0.91 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Argan an industry rank of 158 out of 265 based on the ratings given to related companies.

A number of research analysts recently weighed in on the stock. Sidoti assumed coverage on shares of Argan in a research report on Wednesday, June 28th. They issued a “neutral” rating for the company. Lake Street Capital raised their target price on shares of Argan from $70.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, June 8th.

In other news, CFO David Hibbert Watson sold 8,650 shares of Argan stock in a transaction dated Monday, April 17th. The shares were sold at an average price of $65.31, for a total value of $564,931.50. Following the completion of the transaction, the chief financial officer now owns 3,904 shares of the company’s stock, valued at approximately $254,970.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John Ronald Jr. Jeffrey acquired 1,000 shares of the firm’s stock in a transaction dated Monday, June 26th. The stock was purchased at an average cost of $60.95 per share, with a total value of $60,950.00. The disclosure for this purchase can be found here. In the last three months, insiders sold 51,650 shares of company stock valued at $3,296,992. Insiders own 7.64% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in AGX. Vanguard Group Inc. boosted its stake in Argan by 104.8% in the first quarter. Vanguard Group Inc. now owns 1,260,387 shares of the construction company’s stock worth $83,374,000 after buying an additional 644,820 shares in the last quarter. FMR LLC boosted its stake in Argan by 54.3% in the fourth quarter. FMR LLC now owns 470,525 shares of the construction company’s stock worth $33,196,000 after buying an additional 165,532 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Argan by 15.0% in the first quarter. Renaissance Technologies LLC now owns 1,236,855 shares of the construction company’s stock worth $81,818,000 after buying an additional 161,055 shares in the last quarter. Norges Bank bought a new stake in Argan during the fourth quarter worth about $9,798,000. Finally, Prudential Financial Inc. boosted its stake in Argan by 17.1% in the first quarter. Prudential Financial Inc. now owns 608,812 shares of the construction company’s stock worth $40,273,000 after buying an additional 88,780 shares in the last quarter. 86.46% of the stock is owned by institutional investors.

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Argan (AGX) traded up 2.75% during midday trading on Tuesday, hitting $61.65. 55,080 shares of the company traded hands. Argan has a 12-month low of $40.69 and a 12-month high of $76.70. The firm has a market capitalization of $956.75 million, a PE ratio of 12.37 and a beta of 0.91. The stock’s 50-day moving average is $62.97 and its 200-day moving average is $67.83.

Argan (NYSE:AGX) last released its earnings results on Wednesday, June 7th. The construction company reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.42. The business had revenue of $230.49 million during the quarter, compared to the consensus estimate of $183.10 million. Argan had a net margin of 10.15% and a return on equity of 27.78%. The business’s revenue for the quarter was up 76.8% on a year-over-year basis. Analysts anticipate that Argan will post $4.23 EPS for the current fiscal year.

Argan Company Profile

Argan, Inc is a holding company. The Company conducts operations through its subsidiaries, Gemma Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited (APC), Southern Maryland Cable, Inc (SMC) and The Roberts Company (Roberts). Through GPS and APC, the Company’s power industry services segment provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical and consulting services to the power generation and renewable energy markets.

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