Published On: Fri, Sep 9th, 2016

Argan Inc. (AGX) Upgraded to Strong-Buy by Zacks Investment Research

Argan Inc. (NYSE:AGX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday. The firm presently has a $61.00 target price on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 14.92% from the stock’s previous close.
According to Zacks, “Argan, Inc., headquartered in Rockville, MD, through its wholly owned Southern Maryland Cable, Inc. subsidiary, provides inside premise wiring services to the federal government and also provides underground and aerial construction services and splicing to major telecommunications and utilities customers. “
Separately, Lake Street Capital assumed coverage on Argan in a research note on Thursday, June 9th. They issued a “buy” rating on the stock.

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Argan (NYSE:AGX) traded up 0.70% during trading on Thursday, hitting $53.08. 313,890 shares of the company traded hands. The firm has a market capitalization of $788.66 million, a P/E ratio of 19.46 and a beta of 1.26. The stock has a 50-day moving average price of $47.38 and a 200-day moving average price of $38.97. Argan has a 12-month low of $28.03 and a 12-month high of $53.30.
Argan (NYSE:AGX) last released its quarterly earnings results on Tuesday, September 6th. The company reported $1.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.79 by $0.50. The firm had revenue of $162.50 million for the quarter. Equities analysts expect that Argan will post $3.40 EPS for the current fiscal year.
In related news, VP Richard H. Deily sold 7,000 shares of Argan stock in a transaction that occurred on Wednesday, July 13th. The stock was sold at an average price of $46.78, for a total value of $327,460.00. Following the transaction, the vice president now directly owns 7,000 shares of the company’s stock, valued at $327,460. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Daniel L. Martin sold 15,000 shares of Argan stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $41.10, for a total value of $616,500.00. Following the completion of the transaction, the insider now directly owns 5,094 shares in the company, valued at $209,363.40. The disclosure for this sale can be found here. 9.50% of the stock is owned by corporate insiders.
About Argan
Argan, Inc is a holding company. The Company conducts operations through its subsidiaries, Gemma Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited (APC), Southern Maryland Cable, Inc (SMC) and The Roberts Company (Roberts). Through GPS and APC, the Company’s power industry services segment provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical and consulting services to the power generation and renewable energy markets.
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