Argan, Inc. (NYSE:AGX) Sees Significant Short-Term Interest Growth

Argan, Inc. (NYSE:AGX – Get Rating) was the target of a sharp rise in short-term interest during September. As of September 15, there was short interest totaling 266,800 shares, an increase of 19.2% from the total of 223,800 shares as of August 31. Currently, 2.0% of the stock’s shares are sold short. Based on an average daily volume of 74,200 shares, the short interest ratio is currently 3.6 days.

Argan stock down 0.4%

Shares of AGX traded down $0.14 during Friday trading hours, hitting $32.17. 115,587 shares of the company were traded, compared to its average volume of 96,818. The stock’s 50-day simple moving average is $34.96 and its 200-day simple moving average is 37.08 $. The stock has a market capitalization of $446.52 million, a PE ratio of 18.70 and a beta of 0.54. Argan has a 12 month low of $31.26 and a 12 month high of $46.24.

Argan dividend announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 31. Investors of record on Friday, October 21 will receive a dividend of $0.25 per share. This represents a dividend of $1.00 on an annualized basis and a yield of 3.11%. The ex-dividend date is Thursday, October 20. Argan’s dividend payout ratio is currently 58.14%.

Hedge funds weigh on the argan tree

A number of hedge funds have recently bought and sold shares of AGX. Mirae Asset Global Investments Co. Ltd. increased its stake in Argan by 33.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 389,705 shares of the construction company worth $15,818,000 after purchasing an additional 96,965 shares in the last quarter. State Street Corp increased its stake in Argan by 27.9% during the first quarter. State Street Corp now owns 376,082 shares of the construction company worth $15,265,000 after buying an additional 82,024 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Argan by 9.9% during the first quarter. Dimensional Fund Advisors LP now owns 763,161 shares of the construction company worth $30,976,000 after buying an additional 69,059 shares in the last quarter. New Jersey State Joint Pension Fund D bought a new position in Argan during the second quarter at a value of $2,197,000. Finally, Renaissance Technologies LLC increased its stake in Argan by 10.1% in the second quarter. Renaissance Technologies LLC now owns 531,999 shares of the construction company worth $19,854,000 after purchasing an additional 48,700 shares during the period. Institutional investors hold 82.98% of the company’s shares.

A Wall Street analyst gives his opinion

Several equity analysts have recently released reports on AGX shares. TheStreet downgraded Argan’s shares from a “b-” rating to a “c” rating in a Friday, September 9 research note. StockNews.com downgraded Argan’s shares from a “buy” rating to a “hold” rating in a Monday, September 12 research rating. Finally, Barclays lowered its price target on Argan shares from €104.00 ($106.12) to €87.00 ($88.78) and set an “overweight” rating for the company in a research note from Friday, September 23.

About the argan tree

(Get a rating)

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, operations management, maintenance, project development, technical and market advisory services electricity generation and renewable energies. The Company operates through Power Industry Services, Industrial Fabrication and Field Services and Telecommunications Infrastructure Services segments.

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