Argan (NYSE:AGX) Price Target Raised to $236.00 at Lake Street Capital

Argan (NYSE:AGX) had its target price lifted by Lake Street Capital from $150.00 to $236.00 in a research note published on Thursday morning,Benzinga reports. Lake Street Capital currently has a buy rating on the construction company’s stock.

Separately, Kepler Capital Markets downgraded Argan from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 28th.

Argan Stock Performance

Shares of AGX opened at $243.01 on Thursday. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of 50.84 and a beta of 0.55. The business’s fifty day moving average price is $168.70 and its two-hundred day moving average price is $151.61. Argan has a 52 week low of $63.53 and a 52 week high of $246.60.

Argan (NYSE:AGX) last announced its quarterly earnings data on Wednesday, June 4th. The construction company reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.51. The firm had revenue of $193.66 million for the quarter, compared to analyst estimates of $193.75 million. Argan had a return on equity of 21.66% and a net margin of 8.20%. The business’s quarterly revenue was up 22.8% compared to the same quarter last year. During the same period last year, the company earned $0.58 EPS.

Argan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd were paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date was Tuesday, April 22nd. Argan’s dividend payout ratio (DPR) is currently 21.04%.

Insider Activity

In related news, CFO Richard H. Deily sold 1,565 shares of the firm’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $152.32, for a total transaction of $238,380.80. Following the sale, the chief financial officer now owns 7,802 shares of the company’s stock, valued at approximately $1,188,400.64. This trade represents a 16.71% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Peter W. Getsinger sold 5,000 shares of the firm’s stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $145.03, for a total value of $725,150.00. Following the sale, the director now directly owns 11,496 shares in the company, valued at $1,667,264.88. The trade was a 30.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,857 shares of company stock valued at $1,308,133 in the last 90 days. 6.69% of the stock is owned by company insiders.

Institutional Trading of Argan

Several hedge funds have recently added to or reduced their stakes in the business. Invst LLC acquired a new stake in Argan during the 1st quarter worth $538,000. Rhumbline Advisers raised its stake in Argan by 4.4% during the 1st quarter. Rhumbline Advisers now owns 19,862 shares of the construction company’s stock worth $2,605,000 after buying an additional 846 shares during the period. Anson Funds Management LP raised its stake in Argan by 6.9% during the 1st quarter. Anson Funds Management LP now owns 27,128 shares of the construction company’s stock worth $3,558,000 after buying an additional 1,741 shares during the period. Strs Ohio acquired a new stake in Argan during the 1st quarter worth $813,000. Finally, Intech Investment Management LLC raised its stake in Argan by 37.3% during the 1st quarter. Intech Investment Management LLC now owns 8,985 shares of the construction company’s stock worth $1,179,000 after buying an additional 2,442 shares during the period. Institutional investors and hedge funds 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.