Argan (NYSE:AGX) Trading Up 5.1%

Shares of Argan, Inc. (NYSE:AGX) were up 5.1% during trading on Wednesday . The stock traded as high as $36.23 and last traded at $35.84, approximately 336,512 shares changed hands during trading. An increase of 176% from the average daily volume of 121,977 shares. The stock had previously closed at $34.10.

Separately, ValuEngine upgraded shares of Argan from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd.

The firm has a market capitalization of $540.02 million, a P/E ratio of 109.38 and a beta of 0.51. The company’s 50 day moving average is $38.17 and its 200-day moving average is $40.15.

Argan (NYSE:AGX) last posted its quarterly earnings results on Tuesday, December 10th. The construction company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.38). Argan had a net margin of 0.50% and a return on equity of 1.36%. The company had revenue of $58.40 million during the quarter, compared to the consensus estimate of $56.50 million. During the same period last year, the firm posted $2.07 earnings per share. The company’s revenue for the quarter was down 49.9% on a year-over-year basis.

In other news, VP Richard H. Deily bought 750 shares of Argan stock in a transaction dated Monday, October 21st. The stock was bought at an average cost of $39.25 per share, for a total transaction of $29,437.50. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 8.13% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Ladenburg Thalmann Financial Services Inc. acquired a new stake in Argan in the second quarter valued at approximately $26,000. Usca Ria LLC bought a new position in shares of Argan in the 3rd quarter worth $29,000. Bank of Montreal Can bought a new position in shares of Argan in the 2nd quarter worth $50,000. Parallel Advisors LLC grew its position in Argan by 73.8% in the 3rd quarter. Parallel Advisors LLC now owns 1,788 shares of the construction company’s stock valued at $70,000 after purchasing an additional 759 shares during the period. Finally, Quantamental Technologies LLC acquired a new stake in Argan in the 2nd quarter valued at $86,000. 88.52% of the stock is currently owned by institutional investors and hedge funds.

Argan Company Profile (NYSE:AGX)

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, operations management, maintenance, project development, technical, and consulting services to the power generation and renewable energy markets. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments.

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