Zacks: Argan, Inc. (AGX) Given Consensus Recommendation of “Strong Buy” by Analysts

Shares of Argan, Inc. (NYSE:AGX) have earned an average broker rating score of 1.00 (Strong Buy) from the one analysts that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy rating.

Brokerages have set a 12 month consensus price target of $56.00 for the company, according to Zacks. Zacks has also assigned Argan an industry rank of 221 out of 256 based on the ratings given to its competitors.

Argan stock traded down $0.27 during mid-day trading on Friday, reaching $40.00. The company had a trading volume of 7,148 shares, compared to its average volume of 121,221. Argan has a fifty-two week low of $34.90 and a fifty-two week high of $47.53. The firm has a market capitalization of $614.89 million, a P/E ratio of 10.00 and a beta of 0.80.

Argan (NYSE:AGX) last issued its earnings results on Thursday, December 6th. The construction company reported $2.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $1.73. Argan had a net margin of 10.86% and a return on equity of 16.62%. The firm had revenue of $116.50 million for the quarter, compared to analyst estimates of $101.60 million. During the same quarter last year, the business posted $1.09 earnings per share. The company’s quarterly revenue was down 50.0% on a year-over-year basis.

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 31st. Shareholders of record on Thursday, January 24th will be given a $0.25 dividend. The ex-dividend date is Wednesday, January 23rd. This represents a $1.00 dividend on an annualized basis and a yield of 2.50%.

A number of institutional investors have recently modified their holdings of AGX. Dimensional Fund Advisors LP lifted its holdings in shares of Argan by 13.4% during the third quarter. Dimensional Fund Advisors LP now owns 1,227,671 shares of the construction company’s stock worth $52,790,000 after purchasing an additional 145,488 shares during the period. BlackRock Inc. lifted its holdings in shares of Argan by 6.4% during the second quarter. BlackRock Inc. now owns 1,045,232 shares of the construction company’s stock worth $42,802,000 after purchasing an additional 63,141 shares during the period. Ashford Capital Management Inc. lifted its holdings in shares of Argan by 21.3% during the third quarter. Ashford Capital Management Inc. now owns 683,832 shares of the construction company’s stock worth $29,405,000 after purchasing an additional 120,233 shares during the period. Royce & Associates LP lifted its holdings in shares of Argan by 10.5% during the third quarter. Royce & Associates LP now owns 565,646 shares of the construction company’s stock worth $24,323,000 after purchasing an additional 53,783 shares during the period. Finally, River Road Asset Management LLC lifted its holdings in shares of Argan by 1.6% during the third quarter. River Road Asset Management LLC now owns 354,378 shares of the construction company’s stock worth $15,238,000 after purchasing an additional 5,560 shares during the period. Hedge funds and other institutional investors own 78.74% of the company’s stock.

About Argan

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical, and consulting services to the power generation and renewable energy markets. The company's Power Industry Services segment offers engineering, procurement, and construction contracting services 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 44 projects with approximately 15,000 megawatts of power-generating capacity.

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