Argan (NYSE:AGX) Shares Gap Down – Here’s What Happened

Argan, Inc. (NYSE:AGX)’s share price gapped down prior to trading on Monday . The stock had previously closed at $138.12, but opened at $131.11. Argan shares last traded at $127.12, with a volume of 90,791 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on AGX shares. CJS Securities reiterated a “market perform” rating and issued a $150.00 price objective on shares of Argan in a research note on Friday, December 6th. Lake Street Capital upgraded shares of Argan from a “hold” rating to a “buy” rating and set a $150.00 target price for the company in a research note on Friday, March 28th.

Argan Price Performance

The business’s 50 day moving average price is $134.12 and its 200-day moving average price is $135.69. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 28.12 and a beta of 0.58.

Argan (NYSE:AGX) last posted its quarterly earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $1.07. The business had revenue of $232.47 million for the quarter, compared to analysts’ expectations of $197.50 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. The firm’s revenue for the quarter was up 41.3% on a year-over-year basis.

Insider Activity at Argan

In other news, Director Peter W. Getsinger sold 800 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $155.24, for a total value of $124,192.00. Following the sale, the director now directly owns 19,177 shares in the company, valued at $2,977,037.48. This represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Richard H. Deily sold 2,000 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $150.00, for a total value of $300,000.00. Following the sale, the chief financial officer now owns 9,367 shares in the company, valued at approximately $1,405,050. This trade represents a 17.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,185 shares of company stock valued at $1,644,859 in the last ninety days. Corporate insiders own 11.85% of the company’s stock.

Hedge Funds Weigh In On Argan

Several institutional investors and hedge funds have recently modified their holdings of AGX. California State Teachers Retirement System boosted its holdings in shares of Argan by 4.9% during the fourth quarter. California State Teachers Retirement System now owns 12,560 shares of the construction company’s stock worth $1,721,000 after purchasing an additional 585 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Argan by 22.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,138 shares of the construction company’s stock valued at $430,000 after purchasing an additional 566 shares in the last quarter. Cim LLC acquired a new stake in Argan during the 4th quarter worth approximately $286,000. McIlrath & Eck LLC lifted its position in Argan by 419.4% during the fourth quarter. McIlrath & Eck LLC now owns 374 shares of the construction company’s stock valued at $51,000 after buying an additional 302 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Argan by 6.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 31,371 shares of the construction company’s stock worth $4,299,000 after purchasing an additional 1,801 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

About Argan

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.