Argan (NYSE:AGX) Shares Gap Down – What’s Next?

Shares of Argan, Inc. (NYSE:AGX) gapped down prior to trading on Monday . The stock had previously closed at $138.12, but opened at $131.11. Argan shares last traded at $127.12, with a volume of 90,791 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on AGX shares. Lake Street Capital upgraded shares of Argan from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a research note on Friday, March 28th. CJS Securities reiterated a “market perform” rating and issued a $150.00 target price on shares of Argan in a report on Friday, December 6th.

Argan Stock Up 2.5 %

The company’s 50-day moving average is $134.12 and its 200 day moving average is $135.69. The company has a market cap of $1.83 billion, a price-to-earnings ratio of 28.12 and a beta of 0.58.

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

Insider Buying and Selling at Argan

In other Argan news, Director Peter W. Getsinger sold 7,385 shares of Argan stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $165.29, for a total value of $1,220,666.65. Following the sale, the director now owns 11,792 shares in the company, valued at $1,949,099.68. The trade was a 38.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Richard H. Deily sold 2,000 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were 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 directly owns 9,367 shares in the company, valued at $1,405,050. The trade was a 17.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,185 shares of company stock worth $1,644,859 in the last ninety days. 11.85% of the stock is owned by insiders.

Hedge Funds Weigh In On Argan

Several hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in Argan by 81.8% during the 3rd quarter. Wellington Management Group LLP now owns 911,056 shares of the construction company’s stock worth $92,408,000 after buying an additional 409,948 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Argan by 2.0% in the 4th 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 during the last quarter. Renaissance Technologies LLC raised its stake in Argan by 21.0% in the fourth quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company’s stock valued at $92,170,000 after buying an additional 116,783 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of 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 worth $72,502,000 after acquiring an additional 29,062 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Argan by 18.1% in the 4th quarter. American Century Companies Inc. now owns 480,658 shares of the construction company’s stock valued at $65,869,000 after acquiring an additional 73,654 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.