JPMorgan Chase & Co. Reaffirms Neutral Rating for Argan (NYSE:AGX)

Argan (NYSE:AGX)‘s stock had its “neutral” rating reaffirmed by equities researchers at JPMorgan Chase & Co. in a research report issued on Monday,Benzinga reports. They currently have a $370.00 price target on the construction company’s stock, up from their prior price target of $315.00. JPMorgan Chase & Co.‘s target price points to a potential downside of 6.51% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Argan in a report on Wednesday, October 8th. Lake Street Capital raised their target price on Argan from $236.00 to $260.00 and gave the company a “buy” rating in a report on Friday, September 5th. UBS Group set a $315.00 price target on Argan in a report on Monday, October 13th. Wall Street Zen upgraded shares of Argan from a “hold” rating to a “buy” rating in a research note on Friday, September 5th. Finally, Zacks Research lowered shares of Argan from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Argan currently has a consensus rating of “Moderate Buy” and an average target price of $310.17.

Argan Price Performance

Shares of AGX stock opened at $395.75 on Monday. The firm’s 50-day simple moving average is $306.76 and its 200-day simple moving average is $250.13. Argan has a 1-year low of $101.02 and a 1-year high of $399.30. The firm has a market cap of $5.47 billion, a P/E ratio of 47.57 and a beta of 0.64.

Argan (NYSE:AGX) last issued its quarterly earnings results on Thursday, September 4th. The construction company reported $2.50 EPS for the quarter, topping the consensus estimate of $1.99 by $0.51. The firm had revenue of $237.74 million during the quarter, compared to analyst estimates of $243.97 million. Argan had a net margin of 12.73% and a return on equity of 32.61%. Argan’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.31 earnings per share.

Insider Buying and Selling at Argan

In related news, Director Peter W. Getsinger sold 6,493 shares of Argan stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $294.39, for a total value of $1,911,474.27. Following the completion of the transaction, the director directly owned 9,897 shares in the company, valued at approximately $2,913,577.83. This trade represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James W. Quinn sold 13,444 shares of the stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $269.12, for a total value of $3,618,049.28. Following the transaction, the director directly owned 49,570 shares in the company, valued at approximately $13,340,278.40. This represents a 21.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 106,795 shares of company stock valued at $29,401,111. Corporate insiders own 6.69% of the company’s stock.

Institutional Investors Weigh In On Argan

Institutional investors and hedge funds have recently bought and sold shares of the business. Strategic Advocates LLC increased its holdings in shares of Argan by 4.8% in the third quarter. Strategic Advocates LLC now owns 1,350 shares of the construction company’s stock valued at $365,000 after buying an additional 62 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new position in Argan in the third quarter valued at about $382,000. Ariadne Wealth Management LP purchased a new stake in shares of Argan during the 3rd quarter worth about $208,000. Danske Bank A S acquired a new stake in shares of Argan during the 3rd quarter valued at about $27,000. Finally, Advisory Services Network LLC grew its stake in shares of Argan by 1.3% in the 3rd quarter. Advisory Services Network LLC now owns 6,799 shares of the construction company’s stock valued at $1,836,000 after buying an additional 88 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

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.