Argan, Inc. (NYSE:AGX) Sees Large Increase in Short Interest

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

Institutional Investors Weigh In On Argan

A number of large investors have recently made changes to their positions in the stock. Quadrature Capital Ltd grew its holdings in shares of Argan by 7.9% during the fourth quarter. Quadrature Capital Ltd now owns 16,754 shares of the construction company’s stock valued at $785,000 after buying an additional 1,233 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Argan by 2.5% during the fourth 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. Goldman Sachs Group Inc. grew its holdings in shares of Argan by 26.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 43,576 shares of the construction company’s stock valued at $2,039,000 after buying an additional 9,219 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Argan by 3.5% during the fourth quarter. Public Employees Retirement System of Ohio now owns 12,648 shares of the construction company’s stock valued at $592,000 after buying an additional 423 shares during the last quarter. Finally, Barclays PLC grew its holdings in shares of Argan by 662.8% during the fourth quarter. Barclays PLC now owns 36,425 shares of the construction company’s stock valued at $1,704,000 after buying an additional 31,650 shares during the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Argan Price Performance

NYSE AGX traded up $0.24 on Wednesday, hitting $49.95. The stock had a trading volume of 14,678 shares, compared to its average volume of 58,038. The stock has a market cap of $665.83 million, a price-to-earnings ratio of 19.92 and a beta of 0.49. Argan has a 52-week low of $37.37 and a 52-week high of $51.97. The business’s fifty day moving average price is $47.43 and its 200 day moving average price is $46.29.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Report on Argan

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.

Further Reading

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