Argan (NYSE:AGX) Upgraded by Freedom Capital to "Hold" Rating

Key Points

• Freedom Capital upgraded Argan (NYSE:AGX) to a "Hold" rating; the analyst consensus is also a Hold with an average target price of $355.20 (3 Buys, 6 Holds).
• Shares opened at $460.82, trading near a 52-week high of $484.13, with a market capitalization of $6.39 billion and a price-to-earnings ratio of 54.28.
• Insiders have sold 54,915 shares worth about $19.85 million over the last three months (including roughly $11.53M from two directors); insiders own 6.69% of the company while institutions hold 79.43%.

Argan (NYSE:AGX - Get Free Report) was upgraded by analysts at Freedom Capital to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

A number of other equities research analysts have also issued reports on AGX. Zacks Research lowered Argan from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 3rd. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $370.00 target price (up from $315.00) on shares of Argan in a research report on Monday, December 1st. CJS Securities upgraded shares of Argan to a "hold" rating in a report on Thursday, December 11th. Lake Street Capital downgraded shares of Argan from a "buy" rating to a "hold" rating and raised their price target for the stock from $260.00 to $325.00 in a research note on Friday, December 5th. Finally, Weiss Ratings reissued a "buy (b+)" rating on shares of Argan in a research report on Wednesday, December 24th. Three analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $355.20.

Argan Stock Down 2.5%

NYSE AGX opened at $460.82 on Tuesday. Argan has a 52 week low of $110.23 and a 52 week high of $484.13. The firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of 54.28 and a beta of 0.57. The company has a fifty day moving average of $389.21 and a two-hundred day moving average of $328.51.

Insider Transactions at Argan

In other Argan news, Director William F. Leimkuhler sold 11,044 shares of the firm's stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $379.15, for a total transaction of $4,187,332.60. Following the transaction, the director owned 49,939 shares of the company's stock, valued at approximately $18,934,371.85. This trade represents a 18.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Cynthia Flanders sold 19,000 shares of the company's stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $386.70, for a total transaction of $7,347,300.00. Following the completion of the sale, the director directly owned 26,207 shares of the company's stock, valued at $10,134,246.90. The trade was a 42.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 54,915 shares of company stock valued at $19,854,754. Insiders own 6.69% of the company's stock.

Hedge Funds Weigh In On Argan

A number of large investors have recently bought and sold shares of AGX. Aster Capital Management DIFC Ltd purchased a new position in shares of Argan in the 3rd quarter valued at $25,000. Danske Bank A S purchased a new stake in shares of Argan during the 3rd quarter worth $27,000. Montag A & Associates Inc. purchased a new stake in shares of Argan during the 4th quarter worth $30,000. University of Texas Texas AM Investment Management Co. bought a new stake in Argan during the fourth quarter valued at about $30,000. Finally, Hilton Head Capital Partners LLC bought a new stake in Argan during the fourth quarter valued at about $31,000. Institutional investors own 79.43% of the company's stock.

About Argan

Argan, Inc NYSE: AGX is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company's principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.

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