Argan (NYSE:AGX) Hits New 52-Week Low at $34.94

Argan, Inc. (NYSE:AGX) reached a new 52-week low on Wednesday . The stock traded as low as $34.94 and last traded at $35.03, with a volume of 56989 shares trading hands. The stock had previously closed at $35.69.

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

The firm has a market capitalization of $572.80 million, a PE ratio of 114.50 and a beta of 0.51. The firm has a 50-day simple moving average of $38.79 and a 200-day simple moving average of $40.72.

Argan (NYSE:AGX) last posted its quarterly earnings data on Monday, September 9th. The construction company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.04. Argan had a net margin of 0.50% and a return on equity of 1.36%. The company had revenue of $63.10 million for the quarter, compared to the consensus estimate of $67.65 million. During the same quarter last year, the firm posted $1.08 earnings per share. The firm’s revenue was down 53.8% compared to the same quarter last year.

In related news, VP Richard H. Deily bought 750 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were bought at an average cost of $39.25 per share, for a total transaction of $29,437.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.13% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AGX. River Road Asset Management LLC lifted its position in shares of Argan by 53.1% in the third quarter. River Road Asset Management LLC now owns 897,353 shares of the construction company’s stock valued at $35,257,000 after acquiring an additional 311,241 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Argan by 3.5% in the second quarter. Vanguard Group Inc. now owns 741,480 shares of the construction company’s stock worth $30,075,000 after purchasing an additional 24,920 shares during the last quarter. Ashford Capital Management Inc. increased its holdings in shares of Argan by 1.6% in the third quarter. Ashford Capital Management Inc. now owns 738,734 shares of the construction company’s stock worth $29,025,000 after purchasing an additional 11,877 shares during the last quarter. FMR LLC increased its holdings in shares of Argan by 12.8% in the first quarter. FMR LLC now owns 713,166 shares of the construction company’s stock worth $35,623,000 after purchasing an additional 81,013 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Argan by 215.8% in the third quarter. Russell Investments Group Ltd. now owns 561,481 shares of the construction company’s stock worth $22,062,000 after buying an additional 383,668 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

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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