Lake Street Capital Upgrades Argan (NYSE:AGX) to Buy

Argan (NYSE:AGX) was upgraded by Lake Street Capital from a “hold” rating to a “buy” rating in a research note issued on Friday,Briefing.com Automated Import reports. The firm presently has a $150.00 price objective on the construction company’s stock. Lake Street Capital’s price target would suggest a potential upside of 30.54% from the company’s previous close.

Separately, CJS Securities reiterated a “market perform” rating and set a $150.00 price target on shares of Argan in a research report on Friday, December 6th.

Argan Price Performance

Argan stock opened at $114.91 on Friday. The stock has a market capitalization of $1.56 billion, a PE ratio of 24.04 and a beta of 0.58. The business has a 50 day simple moving average of $136.85 and a 200-day simple moving average of $134.13. Argan has a 12 month low of $48.85 and a 12 month high of $191.46.

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

Insider Buying and Selling

In related news, CFO Richard H. Deily sold 2,000 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $150.00, for a total value of $300,000.00. Following the completion of the transaction, the chief financial officer now owns 9,367 shares of the company’s stock, valued at approximately $1,405,050. The trade was a 17.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter W. Getsinger sold 7,385 shares of the firm’s stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $165.29, for a total transaction of $1,220,666.65. Following the sale, the director now directly 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. Insiders sold 10,185 shares of company stock worth $1,644,859 in the last ninety days. Insiders own 11.85% of the company’s stock.

Institutional Investors Weigh In On Argan

Several hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System lifted its position in Argan by 4.9% during the fourth quarter. California State Teachers Retirement System now owns 12,560 shares of the construction company’s stock worth $1,721,000 after buying an additional 585 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Argan by 22.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,138 shares of the construction company’s stock worth $430,000 after acquiring an additional 566 shares during the last quarter. Cim LLC purchased a new stake in Argan in the fourth quarter valued at approximately $286,000. McIlrath & Eck LLC increased its position in Argan by 419.4% during the fourth quarter. McIlrath & Eck LLC now owns 374 shares of the construction company’s stock worth $51,000 after purchasing an additional 302 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Argan by 6.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 31,371 shares of the construction company’s stock valued at $4,299,000 after purchasing an additional 1,801 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

About Argan

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.