Argan (NYSE:AGX) Shares Down 7.4% – Time to Sell?

Argan, Inc. (NYSE:AGX) was down 7.4% on Thursday . The company traded as low as $410.12 and last traded at $405.1330. Approximately 89,746 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 436,503 shares. The stock had previously closed at $437.48.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AGX. Lake Street Capital cut Argan from a “buy” rating to a “hold” rating and lifted their price objective for the company from $260.00 to $325.00 in a research report on Friday, December 5th. CJS Securities raised Argan to a “hold” rating in a research note on Thursday, December 11th. Zacks Research cut Argan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Weiss Ratings restated a “buy (b+)” rating on shares of Argan in a report on Wednesday, December 24th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $370.00 price objective (up from $315.00) on shares of Argan in a research report on Monday, December 1st. Three equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $355.20.

Argan Price Performance

The company has a fifty day simple moving average of $414.59 and a two-hundred day simple moving average of $343.95. The company has a market capitalization of $5.79 billion, a P/E ratio of 48.91 and a beta of 0.57.

Insider Buying and Selling

In related news, Director Peter W. Getsinger sold 6,595 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $313.71, for a total value of $2,068,917.45. Following the completion of the sale, the director directly owned 7,847 shares in the company, valued at approximately $2,461,682.37. The trade was 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 link. Also, Director William F. Leimkuhler sold 11,044 shares of the company’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $379.15, for a total value of $4,187,332.60. Following the sale, the director directly owned 49,939 shares of the company’s stock, valued at $18,934,371.85. The trade was a 18.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 54,715 shares of company stock valued at $19,787,260 over the last 90 days. 6.69% of the stock is currently owned by insiders.

Institutional Trading of Argan

Large investors have recently modified their holdings of the company. PNC Financial Services Group Inc. grew its stake in Argan by 5.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 541 shares of the construction company’s stock valued at $170,000 after buying an additional 30 shares during the last quarter. National Bank of Canada FI boosted its holdings in Argan by 26.7% during the third quarter. National Bank of Canada FI now owns 147 shares of the construction company’s stock valued at $40,000 after acquiring an additional 31 shares during the period. Pallas Capital Advisors LLC grew its position in shares of Argan by 1.3% in the fourth quarter. Pallas Capital Advisors LLC now owns 2,564 shares of the construction company’s stock valued at $803,000 after purchasing an additional 34 shares during the last quarter. Ring Mountain Capital LLC grew its position in shares of 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 purchasing an additional 35 shares during the last quarter. Finally, Spirepoint Private Client LLC increased its stake in shares of Argan by 3.1% in the fourth quarter. Spirepoint Private Client LLC now owns 1,231 shares of the construction company’s stock worth $386,000 after purchasing an additional 37 shares during the period. 79.43% of the stock is owned by institutional investors.

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.