Freedom Capital Upgrades Argan (NYSE:AGX) to “Hold”

Argan (NYSE:AGX) was upgraded by research analysts at Freedom Capital to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other equities research analysts also recently weighed in on AGX. JPMorgan Chase & Co. restated a “neutral” rating and issued a $370.00 target price (up from $315.00) on shares of Argan in a research note on Monday, December 1st. The Goldman Sachs Group started coverage on Argan in a report on Tuesday, November 11th. They set a “buy” rating and a $397.00 price objective for the company. CJS Securities raised Argan to a “hold” rating in a research report on Thursday, December 11th. Zacks Research downgraded Argan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Finally, Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Argan in a research report on Wednesday, December 24th. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $355.20.

Argan Stock Down 2.5%

Shares of Argan stock opened at $460.82 on Tuesday. The company has a market cap of $6.39 billion, a P/E ratio of 54.28 and a beta of 0.57. The firm’s 50 day moving average price is $389.21 and its 200-day moving average price is $328.51. Argan has a 52-week low of $110.23 and a 52-week high of $484.13.

Insider Activity at Argan

In other news, Director Cynthia Flanders sold 19,000 shares of Argan stock in a transaction on Wednesday, January 21st. The shares were 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 in the company, valued at approximately $10,134,246.90. The trade was a 42.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William F. Leimkuhler sold 11,044 shares of the business’s stock in a transaction on 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 sale, the director directly owned 49,939 shares in the company, valued at $18,934,371.85. This trade represents a 18.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 54,915 shares of company stock worth $19,854,754. 6.69% of the stock is owned by company insiders.

Institutional Trading of Argan

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its stake in Argan by 5.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 541 shares of the construction company’s stock valued at $170,000 after purchasing an additional 30 shares during the last quarter. National Bank of Canada FI raised its stake in shares of Argan by 26.7% in the third quarter. National Bank of Canada FI now owns 147 shares of the construction company’s stock worth $40,000 after purchasing an additional 31 shares during the last quarter. Pallas Capital Advisors LLC lifted its holdings in shares of Argan by 1.3% during the fourth quarter. Pallas Capital Advisors LLC now owns 2,564 shares of the construction company’s stock worth $803,000 after purchasing an additional 34 shares during the period. Ring Mountain Capital LLC boosted its position in Argan by 1.3% in the third quarter. Ring Mountain Capital LLC now owns 2,735 shares of the construction company’s stock valued at $739,000 after buying an additional 35 shares during the last quarter. Finally, Spirepoint Private Client LLC boosted its position in Argan by 3.1% in the fourth quarter. Spirepoint Private Client LLC now owns 1,231 shares of the construction company’s stock valued at $386,000 after buying an additional 37 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Argan Company Profile

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.