Short Interest in Argan, Inc. (NYSE:AGX) Increases By 9.0%

Argan, Inc. (NYSE:AGXGet Free Report) was the recipient of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 104,300 shares, an increase of 9.0% from the February 29th total of 95,700 shares. Based on an average trading volume of 59,500 shares, the short-interest ratio is presently 1.8 days. Approximately 0.8% of the company’s shares are short sold.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Argan from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 8th.

Get Our Latest Research Report on AGX

Hedge Funds Weigh In On Argan

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in shares of Argan by 0.4% during the first quarter. BlackRock Inc. now owns 1,259,175 shares of the construction company’s stock worth $51,110,000 after purchasing an additional 5,487 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Argan by 9.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 763,161 shares of the construction company’s stock worth $30,976,000 after buying an additional 69,059 shares in the last quarter. Vanguard Group Inc. boosted its position in Argan by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 714,009 shares of the construction company’s stock valued at $33,408,000 after buying an additional 17,150 shares during the last quarter. Renaissance Technologies LLC boosted its position in Argan by 0.5% in the 2nd quarter. Renaissance Technologies LLC now owns 449,299 shares of the construction company’s stock valued at $17,707,000 after buying an additional 2,200 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Argan by 7.2% during the first quarter. State Street Corp now owns 401,622 shares of the construction company’s stock valued at $16,254,000 after acquiring an additional 26,993 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Argan Trading Up 0.4 %

Shares of AGX traded up $0.20 during midday trading on Wednesday, reaching $49.91. 19,520 shares of the company were exchanged, compared to its average volume of 58,141. Argan has a 1-year low of $37.37 and a 1-year high of $51.97. The stock has a 50-day moving average price of $47.43 and a 200-day moving average price of $46.29. The company has a market cap of $665.30 million, a price-to-earnings ratio of 19.92 and a beta of 0.49.

About Argan

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

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