Argan (AGX) Trading Up 7.1% on Insider Buying Activity

Argan, Inc. (NYSE:AGX) shares rose 7.1% during trading on Monday following insider buying activity. The company traded as high as $47.85 and last traded at $47.30. Approximately 993,800 shares traded hands during mid-day trading, an increase of 476% from the average daily volume of 172,496 shares. The stock had previously closed at $44.15.

Specifically, Director John Ronald Jr. Jeffrey purchased 1,000 shares of the business’s stock in a transaction on Monday, December 11th. The stock was acquired at an average price of $47.60 per share, with a total value of $47,600.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders acquired 3,500 shares of company stock valued at $209,355. Corporate insiders own 7.64% of the company’s stock.

AGX has been the subject of a number of research reports. Lake Street Capital cut shares of Argan from a “buy” rating to a “hold” rating and cut their price target for the stock from $71.00 to $56.00 in a research note on Thursday. BidaskClub cut shares of Argan from a “hold” rating to a “sell” rating in a research note on Monday, August 14th.

The firm has a market capitalization of $735.45, a P/E ratio of 8.74 and a beta of 0.86.

Argan (NYSE:AGX) last announced its quarterly earnings data on Thursday, September 7th. The construction company reported $1.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.69. Argan had a net margin of 9.18% and a return on equity of 26.24%. The company had revenue of $259.80 million during the quarter, compared to analysts’ expectations of $217.75 million. During the same quarter in the prior year, the company earned $1.29 EPS. The firm’s revenue was up 59.9% on a year-over-year basis.

Institutional investors have recently made changes to their positions in the company. FMR LLC boosted its stake in shares of Argan by 1.4% in the 2nd quarter. FMR LLC now owns 477,225 shares of the construction company’s stock valued at $28,634,000 after purchasing an additional 6,400 shares in the last quarter. Rational Advisors LLC purchased a new stake in Argan during the 3rd quarter valued at about $256,000. State Street Corp grew its position in Argan by 6.4% during the 2nd quarter. State Street Corp now owns 262,821 shares of the construction company’s stock valued at $15,768,000 after purchasing an additional 15,782 shares during the last quarter. Northern Trust Corp grew its position in Argan by 7.3% during the 2nd quarter. Northern Trust Corp now owns 183,254 shares of the construction company’s stock valued at $10,996,000 after purchasing an additional 12,429 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Argan by 112.1% during the 3rd quarter. American Century Companies Inc. now owns 121,675 shares of the construction company’s stock valued at $8,183,000 after purchasing an additional 64,313 shares during the last quarter. 87.55% of the stock is owned by institutional investors.

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About Argan

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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