Argan, Inc. (NYSE:AGX) Sees Significant Decrease in Short Interest
by Mitch Edgeman · The Markets DailyArgan, Inc. (NYSE:AGX – Get Free Report) saw a large drop in short interest in December. As of December 31st, there was short interest totaling 521,702 shares, a drop of 20.1% from the December 15th total of 652,784 shares. Based on an average daily volume of 237,530 shares, the short-interest ratio is presently 2.2 days. Currently, 4.0% of the shares of the stock are short sold. Currently, 4.0% of the shares of the stock are short sold. Based on an average daily volume of 237,530 shares, the short-interest ratio is presently 2.2 days.
Argan Stock Up 16.4%
Argan stock traded up $54.15 during mid-day trading on Monday, hitting $383.81. 893,324 shares of the stock were exchanged, compared to its average volume of 229,401. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of 45.21 and a beta of 0.64. Argan has a 12 month low of $101.02 and a 12 month high of $399.30. The firm’s fifty day simple moving average is $337.31 and its two-hundred day simple moving average is $279.27.
Argan (NYSE:AGX – Get Free Report) last posted its quarterly earnings data on Thursday, December 4th. The construction company reported $2.17 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.35. Argan had a net margin of 13.11% and a return on equity of 31.38%. The company had revenue of $251.15 million for the quarter, compared to analyst estimates of $251.50 million. During the same period in the prior year, the firm posted $2.00 EPS. The company’s quarterly revenue was down 2.3% on a year-over-year basis.
Argan Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Thursday, January 22nd will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, January 22nd. This represents a $2.00 annualized dividend and a dividend yield of 0.5%. Argan’s dividend payout ratio is presently 23.56%.
Analyst Ratings Changes
AGX has been the subject of several research reports. Weiss Ratings reiterated a “buy (b+)” rating on shares of Argan in a research report on Wednesday, December 24th. UBS Group set a $315.00 price objective on Argan in a research note on Monday, October 13th. CJS Securities upgraded shares of Argan to a “hold” rating in a research report on Thursday, December 11th. Zacks Research upgraded shares of Argan from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 11th. Finally, The Goldman Sachs Group started coverage on shares of Argan in a research note on Tuesday, November 11th. They set a “buy” rating and a $397.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $355.20.
Get Our Latest Stock Analysis on Argan
Insider Activity at Argan
In related news, Director Peter W. Getsinger sold 6,595 shares of the company’s 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 transaction, the director directly owned 7,847 shares in the company, valued at $2,461,682.37. This represents a 45.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James W. Quinn sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $328.04, for a total transaction of $328,040.00. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 18,171 shares of company stock valued at $5,816,642. 6.69% of the stock is owned by insiders.
Hedge Funds Weigh In On Argan
Several institutional investors have recently added to or reduced their stakes in the business. First Trust Advisors LP increased its position in Argan by 14,436.3% in the 2nd quarter. First Trust Advisors LP now owns 329,393 shares of the construction company’s stock valued at $72,624,000 after buying an additional 327,127 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Argan by 696.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 296,988 shares of the construction company’s stock worth $65,480,000 after purchasing an additional 259,720 shares in the last quarter. Jupiter Asset Management Ltd. grew its position in Argan by 1,142.2% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 188,665 shares of the construction company’s stock valued at $41,597,000 after purchasing an additional 173,477 shares during the period. Balyasny Asset Management L.P. increased its stake in Argan by 168.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 253,365 shares of the construction company’s stock valued at $55,862,000 after purchasing an additional 159,149 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Argan by 172.5% during the 2nd quarter. Invesco Ltd. now owns 229,893 shares of the construction company’s stock valued at $50,687,000 after purchasing an additional 145,516 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.
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.