Alpine Investment Management Initiates $16.2 Million Position in Argan (AGX)
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1d ago
0mins
Source: Fool
- New Position Initiated: Alpine Investment Management has opened a new position in Argan (AGX) worth approximately $16.2 million by acquiring 60,000 shares, indicating strong confidence in the company's future growth prospects.
- Asset Allocation Optimization: Argan now accounts for 13.62% of Alpine's reportable U.S. equity assets, highlighting its increasing significance in the investment portfolio, which may enhance overall returns.
- Strong Financial Performance: Argan reported a third-quarter net income of $30.7 million, translating to $2.17 per share, showcasing a significant improvement in profitability that reflects robust demand in the power and renewable energy markets.
- Record Project Backlog: Argan's project backlog has reached $3.0 billion, more than double from the start of the fiscal year, ensuring revenue for the coming years and further solidifying its market position.
Analyst Views on AGX
Wall Street analysts forecast AGX stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for AGX is 335.25 USD with a low forecast of 260.00 USD and a high forecast of 397.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Analyst Rating
4 Buy
0 Hold
0 Sell
Strong Buy
Current: 339.540
Low
260.00
Averages
335.25
High
397.00
Current: 339.540
Low
260.00
Averages
335.25
High
397.00
About AGX
Argan, Inc. is a holding company. The Company is a construction firm that conducts operations through its subsidiaries, Gemma Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited and affiliates (APC), The Roberts Company, Inc. (TRC), and Southern Maryland Cable, Inc. (SMC). Through GPS and APC, its power industry services, it offers a suite of engineering, procurement, construction, commissioning, maintenance, project development and technical consulting services to the power generation market, including the renewable energy sector. Through TRC, the industrial construction services provide field services and project management that support new plant construction and additions, maintenance turnarounds, shutdowns and emergency mobilizations for industrial plants. Through SMC, its telecommunications infrastructure services provide project management, construction, installation and maintenance services to commercial, local government and federal government customers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
