Argan (NYSE:AGX) Sets New 12-Month High – Still a Buy?

Argan, Inc. (NYSE:AGX)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $484.60 and last traded at $481.9920, with a volume of 131468 shares changing hands. The stock had previously closed at $473.63.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Lake Street Capital cut Argan from a “buy” rating to a “hold” rating and lifted their price target for the company from $260.00 to $325.00 in a report on Friday, December 5th. 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 report on Monday, December 1st. Zacks Research lowered Argan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. CJS Securities raised Argan to a “hold” rating in a report on Thursday, December 11th. Finally, Freedom Capital raised shares of Argan to a “hold” rating in a report on Tuesday, March 10th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Argan currently has an average rating of “Hold” and a consensus target price of $355.20.

Argan Stock Up 0.1%

The company has a 50 day moving average of $403.30 and a two-hundred day moving average of $336.80. The firm has a market cap of $6.66 billion, a P/E ratio of 56.60 and a beta of 0.57.

Insider Buying and Selling at Argan

In related news, Director Peter W. Getsinger sold 6,595 shares of the stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $313.71, for a total transaction of $2,068,917.45. Following the completion of the sale, the director directly owned 7,847 shares of the company’s stock, valued at $2,461,682.37. This represents a 45.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Cynthia Flanders sold 19,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $386.70, for a total transaction of $7,347,300.00. Following the sale, the director owned 26,207 shares of the company’s stock, valued at $10,134,246.90. The trade was a 42.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 54,915 shares of company stock valued at $19,854,754 over the last quarter. Company insiders own 6.69% of the company’s stock.

Institutional Investors Weigh In On Argan

Large investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. lifted its holdings in shares of Argan by 18.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,085 shares of the construction company’s stock valued at $340,000 after purchasing an additional 169 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Argan during the 4th quarter worth about $44,000. Alpine Global Management LLC purchased a new stake in Argan during the fourth quarter valued at about $286,000. Astoria Portfolio Advisors LLC. acquired a new position in shares of Argan in the fourth quarter worth about $208,000. Finally, Pacer Advisors Inc. purchased a new position in shares of Argan in the fourth quarter worth approximately $10,862,000. 79.43% of the stock is owned by institutional investors.

About Argan

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.