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

Argan, Inc. (NYSE:AGX) gapped down before the market opened 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 Ratings Changes

A number of equities research analysts have issued reports on AGX shares. Lake Street Capital raised shares of Argan from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a report on Friday. CJS Securities reissued a “market perform” rating and set a $150.00 price objective on shares of Argan in a research note on Friday, December 6th.

Argan Stock Performance

The company has a market cap of $1.75 billion, a P/E ratio of 27.02 and a beta of 0.58. The stock has a 50-day moving average of $136.07 and a two-hundred day moving average of $135.08.

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

Insider Buying and Selling

In related news, CFO Richard H. Deily sold 2,000 shares of Argan 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 $1,405,050. The trade was a 17.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter W. Getsinger sold 800 shares of the stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $155.24, for a total transaction of $124,192.00. Following the completion of the transaction, the director now directly owns 19,177 shares of the company’s stock, valued at approximately $2,977,037.48. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,185 shares of company stock valued at $1,644,859 over the last three months. 11.85% of the stock is owned by company insiders.

Institutional Investors Weigh In On Argan

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Spire Wealth Management purchased a new stake in shares of Argan in the 4th quarter worth about $26,000. Farther Finance Advisors LLC purchased a new stake in Argan in the fourth quarter worth about $32,000. Global Retirement Partners LLC bought a new position in shares of Argan during the fourth quarter valued at approximately $35,000. McIlrath & Eck LLC boosted its position in shares of Argan by 419.4% in the 4th quarter. McIlrath & Eck LLC now owns 374 shares of the construction company’s stock worth $51,000 after purchasing an additional 302 shares in the last quarter. Finally, Truvestments Capital LLC purchased a new stake in shares of Argan in the 4th quarter worth approximately $57,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

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.