Argan (NYSE:AGX) Stock Price Up 6.6% – Here’s What Happened

Argan, Inc. (NYSE:AGX) traded up 6.6% on Monday . The company traded as high as $135.63 and last traded at $127.96. 149,404 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 282,671 shares. The stock had previously closed at $120.08.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital raised Argan from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a research report on Friday, March 28th.

Argan Trading Up 3.1 %

The company has a market capitalization of $1.69 billion, a PE ratio of 25.91 and a beta of 0.45. The stock’s fifty day moving average is $131.32 and its two-hundred day moving average is $136.52.

Argan (NYSE:AGX) last released its earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $1.07. Argan had a net margin of 8.20% and a return on equity of 21.66%. The firm had revenue of $232.47 million for the quarter, compared to analysts’ expectations of $197.50 million. Argan’s revenue was up 41.3% on a year-over-year basis.

Insider Buying and Selling at Argan

In other news, CFO Richard H. Deily sold 2,000 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $150.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief financial officer now owns 9,367 shares in the company, valued at approximately $1,405,050. This represents a 17.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter W. Getsinger sold 7,385 shares of the business’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $165.29, for a total value of $1,220,666.65. Following the completion of the sale, the director now owns 11,792 shares in the company, valued at $1,949,099.68. This represents a 38.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,185 shares of company stock valued at $1,644,859. Company insiders own 11.85% of the company’s stock.

Institutional Trading of Argan

A number of institutional investors have recently modified their holdings of AGX. Wellington Management Group LLP grew its stake in Argan by 81.8% in the 3rd quarter. Wellington Management Group LLP now owns 911,056 shares of the construction company’s stock valued at $92,408,000 after buying an additional 409,948 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Argan by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 843,583 shares of the construction company’s stock valued at $115,605,000 after purchasing an additional 16,784 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Argan by 21.0% during the 4th quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company’s stock worth $92,170,000 after purchasing an additional 116,783 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Argan by 5.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 529,052 shares of the construction company’s stock valued at $72,502,000 after buying an additional 29,062 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Argan by 18.1% during the fourth quarter. American Century Companies Inc. now owns 480,658 shares of the construction company’s stock valued at $65,869,000 after buying an additional 73,654 shares during the period. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Argan Company Profile

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The company operates through Power Services, Industrial Services, and Telecom Services segments. The Power Services segment offers engineering, procurement, and construction, as well as designing, building, and commissioning of large-scale energy projects 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 projects with approximately 18 gigawatts of power-generating capacity.