Lake Street Capital Increases Argan (NYSE:AGX) Price Target to $70.00

Argan (NYSE:AGXGet Free Report) had its target price lifted by analysts at Lake Street Capital from $61.00 to $70.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Lake Street Capital’s target price would indicate a potential upside of 17.12% from the company’s current price.

Argan Price Performance

Shares of NYSE AGX opened at $59.77 on Friday. The company has a 50-day moving average price of $48.49 and a 200-day moving average price of $46.62. The stock has a market capitalization of $796.73 million, a P/E ratio of 25.01 and a beta of 0.49. Argan has a 1 year low of $37.37 and a 1 year high of $61.79.

Argan (NYSE:AGXGet Free Report) last released its quarterly earnings results on Thursday, April 11th. The construction company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.14. Argan had a return on equity of 11.45% and a net margin of 5.64%. The business had revenue of $164.55 million during the quarter, compared to the consensus estimate of $162.05 million. During the same quarter in the previous year, the business earned ($0.46) EPS. The company’s quarterly revenue was up 38.5% on a year-over-year basis.

Institutional Trading of Argan

Institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its position in shares of Argan by 3.3% during the first quarter. Bank of New York Mellon Corp now owns 120,094 shares of the construction company’s stock valued at $4,874,000 after purchasing an additional 3,795 shares in the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of Argan in the 1st quarter worth approximately $109,000. Bank of Montreal Can purchased a new position in shares of Argan in the 1st quarter worth approximately $340,000. MetLife Investment Management LLC grew its holdings in shares of Argan by 45.5% in the first quarter. MetLife Investment Management LLC now owns 8,933 shares of the construction company’s stock valued at $363,000 after acquiring an additional 2,793 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its position in shares of Argan by 4.1% during the first quarter. Panagora Asset Management Inc. now owns 41,946 shares of the construction company’s stock valued at $1,703,000 after acquiring an additional 1,638 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

About Argan

(Get Free Report)

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, technical, and consulting services to the power generation market. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments.

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