Argan (NYSE:AGX) Stock Price Target Lowered at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Argan’s price target from $800 to $785 while maintaining an “overweight” rating, implying 106.36% upside from the prior close.
• Analyst sentiment remains mixed but leans positive: MarketBeat reports a “Moderate Buy” consensus rating and an average price target of $476.67.
• Argan exceeded quarterly expectations, reporting $3.76 in EPS versus $2.64 expected and $383.98 million in revenue versus $300.53 million forecast; revenue rose 61.5% year over year.

Argan (NYSE:AGX - Get Free Report) had its price objective reduced by stock analysts at JPMorgan Chase & Co. from $800.00 to $785.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an "overweight" rating on the construction company's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 106.36% from the company's previous close.

Several other brokerages also recently weighed in on AGX. Piper Sandler assumed coverage on Argan in a research note on Tuesday, September 8th. They set an "underweight" rating and a $273.00 target price on the stock. Lake Street Capital upgraded Argan from a "hold" rating to a "buy" rating and set a $600.00 price target for the company in a research note on Thursday, September 3rd. Weiss Ratings downgraded Argan from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday. Zacks Research upgraded Argan from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 10th. Finally, Wall Street Zen upgraded shares of Argan from a "hold" rating to a "buy" rating in a report on Saturday, September 5th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $476.67.

Argan Stock Up 7.1%

NYSE:AGX opened at $380.40 on Tuesday. The stock has a market capitalization of $5.34 billion, a price-to-earnings ratio of 30.12, a PEG ratio of 2.73 and a beta of 0.57. Argan has a 52 week low of $255.60 and a 52 week high of $805.75. The firm has a 50 day moving average of $484.04 and a 200 day moving average of $578.96.

Argan (NYSE:AGX - Get Free Report) last released its quarterly earnings results on Wednesday, September 2nd. The construction company reported $3.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $1.12. The business had revenue of $383.98 million for the quarter, compared to analyst estimates of $300.53 million. Argan had a net margin of 15.09% and a return on equity of 38.51%. The business's revenue for the quarter was up 61.5% on a year-over-year basis. During the same period in the previous year, the company earned $2.50 earnings per share. As a group, analysts expect that Argan will post 13.37 EPS for the current year.

Insider Buying and Selling at Argan

In related news, Director John Jeffrey, Jr. sold 5,716 shares of the firm's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $579.64, for a total transaction of $3,313,222.24. Following the completion of the transaction, the director owned 2,533 shares of the company's stock, valued at $1,468,228.12. This trade represents a 69.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Argan

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AGX. Amundi increased its position in shares of Argan by 704.0% during the second quarter. Amundi now owns 18,517 shares of the construction company's stock worth $14,787,000 after purchasing an additional 16,214 shares in the last quarter. BlackRock Inc. purchased a new stake in Argan in the second quarter valued at approximately $1,764,086,000. The Manufacturers Life Insurance Company acquired a new position in Argan during the second quarter worth $6,156,000. Bank of America Corp DE acquired a new position in shares of Argan in the second quarter valued at approximately $39,292,000. Finally, Oregon Public Employees Retirement Fund purchased a new position in Argan in the first quarter valued at $1,728,000. 79.43% of the stock is owned by institutional investors and hedge funds.

Argan Company Profile

Argan, Inc is an engineering, procurement and construction company that provides services to the power generation and energy infrastructure industries. The company supports the development, construction, commissioning and maintenance of power facilities, including natural gas-fired power plants, renewable energy projects and energy storage installations.

Argan primarily operates through subsidiaries including Gemma Power Systems, which provides engineering, project management and construction services for power generation projects; The Roberts Company, which performs industrial fabrication, equipment installation and field services; and Atlantic Projects Company, which provides engineering and construction services for power and industrial facilities.

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