Weiss Ratings Reaffirms "Buy (B)" Rating for Argan (NYSE:AGX)

Key Points

• Weiss Ratings has reaffirmed a "Buy (B)" rating for Argan (NYSE:AGX), reflecting confidence in the company's stock performance.
• Argan's recent quarterly earnings showed an EPS of $2.50, surpassing analyst estimates by $0.51, indicating strong financial health.
• Despite a positive outlook, the consensus among analysts is a "Hold" rating, with an average price target of $220.25 for the stock.

Argan (NYSE:AGX - Get Free Report)'s stock had its "buy (b)" rating reissued by analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

Other analysts also recently issued reports about the stock. Lake Street Capital lifted their price target on shares of Argan from $236.00 to $260.00 and gave the company a "buy" rating in a report on Friday, September 5th. Glj Research started coverage on shares of Argan in a report on Monday, September 22nd. They issued a "hold" rating and a $251.00 price target on the stock. JPMorgan Chase & Co. started coverage on shares of Argan in a report on Monday, July 21st. They issued a "neutral" rating and a $220.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Argan from a "hold" rating to a "buy" rating in a report on Friday, September 5th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $220.25.

Argan Stock Up 1.6%

NYSE AGX traded up $4.23 on Wednesday, reaching $272.76. The company had a trading volume of 102,684 shares, compared to its average volume of 422,181. The stock has a market capitalization of $3.77 billion, a PE ratio of 32.79 and a beta of 0.64. The firm's 50 day moving average price is $239.05 and its 200 day moving average price is $202.82. Argan has a 12 month low of $101.02 and a 12 month high of $283.35.

Argan (NYSE:AGX - Get Free Report) last announced its quarterly earnings results on Thursday, September 4th. The construction company reported $2.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.99 by $0.51. The company had revenue of $237.74 million for the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted $1.31 EPS.

Insider Activity

In related news, Director John Ronald Jr. Jeffrey sold 2,621 shares of Argan stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $235.63, for a total transaction of $617,586.23. Following the completion of the transaction, the director directly owned 9,254 shares of the company's stock, valued at approximately $2,180,520.02. The trade was a 22.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James W. Quinn sold 13,444 shares of Argan stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $269.12, for a total transaction of $3,618,049.28. Following the transaction, the director directly owned 49,570 shares of the company's stock, valued at approximately $13,340,278.40. This represents a 21.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 71,027 shares of company stock worth $18,492,595 in the last 90 days. Company insiders own 6.69% of the company's stock.

Hedge Funds Weigh In On Argan

A number of large investors have recently made changes to their positions in AGX. Larson Financial Group LLC boosted its position in Argan by 2,987.5% in the 1st quarter. Larson Financial Group LLC now owns 247 shares of the construction company's stock valued at $32,000 after buying an additional 239 shares during the period. Mark Sheptoff Financial Planning LLC purchased a new stake in Argan in the 2nd quarter valued at about $44,000. IFP Advisors Inc purchased a new stake in Argan in the 2nd quarter valued at about $71,000. EverSource Wealth Advisors LLC boosted its position in Argan by 1,116.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 365 shares of the construction company's stock valued at $80,000 after buying an additional 335 shares during the period. Finally, State of Wyoming purchased a new stake in Argan in the 1st quarter valued at about $109,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

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.

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