Argan (NYSE:AGX) Cut to “Hold” at StockNews.com

Argan (NYSE:AGX) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

Argan Stock Performance

Shares of NYSE AGX opened at $136.16 on Tuesday. The firm has a market cap of $1.84 billion, a P/E ratio of 43.09 and a beta of 0.53. Argan has a 1 year low of $39.74 and a 1 year high of $138.00. The firm’s 50 day moving average price is $99.55 and its 200 day moving average price is $80.71.

Argan (NYSE:AGX) last posted its quarterly earnings data on Thursday, September 5th. The construction company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.34. The business had revenue of $227.02 million for the quarter, compared to analysts’ expectations of $191.05 million. Argan had a return on equity of 14.80% and a net margin of 6.11%. The company’s revenue for the quarter was up 60.6% compared to the same quarter last year.

Insider Buying and Selling

In related news, Director James W. Quinn sold 10,000 shares of Argan stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $89.68, for a total value of $896,800.00. Following the transaction, the director now owns 70,422 shares in the company, valued at approximately $6,315,444.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Cynthia Flanders sold 5,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $96.39, for a total value of $481,950.00. Following the transaction, the director now owns 17,332 shares of the company’s stock, valued at approximately $1,670,631.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James W. Quinn sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $89.68, for a total transaction of $896,800.00. Following the sale, the director now directly owns 70,422 shares of the company’s stock, valued at approximately $6,315,444.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,703 shares of company stock valued at $4,257,794. Insiders own 11.85% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Argan by 1.7% in the first quarter. Vanguard Group Inc. now owns 726,171 shares of the construction company’s stock valued at $36,701,000 after buying an additional 12,162 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Argan by 7.7% during the second quarter. Renaissance Technologies LLC now owns 537,296 shares of the construction company’s stock valued at $39,309,000 after purchasing an additional 38,300 shares during the period. American Century Companies Inc. raised its stake in shares of Argan by 31.8% during the second quarter. American Century Companies Inc. now owns 305,298 shares of the construction company’s stock valued at $22,336,000 after purchasing an additional 73,658 shares during the period. Acadian Asset Management LLC lifted its position in shares of Argan by 32.8% during the second quarter. Acadian Asset Management LLC now owns 175,245 shares of the construction company’s stock worth $12,811,000 after purchasing an additional 43,258 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Argan by 3.0% in the second quarter. Bank of New York Mellon Corp now owns 112,979 shares of the construction company’s stock valued at $8,266,000 after purchasing an additional 3,314 shares during the period. 79.43% of the stock is 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.