Aegion (AEGN) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Aegion (NASDAQ:AEGN) from a hold rating to a buy rating in a research note published on Tuesday. Zacks Investment Research currently has $28.00 price objective on the construction company’s stock.
According to Zacks, “Aegion continues to witness surge in new orders driven by continued momentum across key markets for all the three segments. It will also benefit from the demand in the North America CIPP rehabilitation business, improved pressure pipe markets penetration, sustained margins in cathodic protection business as well as momentum in Energy Services. The stock has outperformed the industry in the past three months.”
AEGN has been the topic of a number of other reports. Hilliard Lyons cut shares of Aegion from a buy rating to a neutral rating in a research note on Thursday, December 21st. TheStreet cut shares of Aegion from a b- rating to a c rating in a research note on Thursday, November 2nd. Stifel Nicolaus reissued a hold rating and issued a $26.00 price objective on shares of Aegion in a research note on Thursday, December 14th. BidaskClub cut shares of Aegion from a strong-buy rating to a buy rating in a research note on Thursday, December 14th. Finally, Canaccord Genuity lifted their price objective on shares of Aegion from $26.00 to $27.00 and gave the company a buy rating in a research note on Friday, November 3rd. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $26.75.
Aegion (NASDAQ:AEGN) last announced its quarterly earnings data on Wednesday, November 1st. The construction company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. The business had revenue of $341.87 million for the quarter, compared to analysts’ expectations of $328.98 million. Aegion had a negative net margin of 3.03% and a positive return on equity of 7.62%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the firm posted $0.32 earnings per share. sell-side analysts predict that Aegion will post 1.09 EPS for the current fiscal year.
In other Aegion news, CFO David A. Martin sold 10,000 shares of the business’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $24.00, for a total transaction of $240,000.00. Following the sale, the chief financial officer now owns 101,430 shares of the company’s stock, valued at $2,434,320. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP David F. Morris sold 9,239 shares of the business’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $28.05, for a total transaction of $259,153.95. The disclosure for this sale can be found here. Insiders own 3.62% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Boston Partners grew its stake in shares of Aegion by 17.8% during the third quarter. Boston Partners now owns 1,213,459 shares of the construction company’s stock worth $28,249,000 after buying an additional 183,579 shares during the last quarter. Royce & Associates LP grew its stake in shares of Aegion by 9.3% during the third quarter. Royce & Associates LP now owns 959,893 shares of the construction company’s stock worth $22,346,000 after buying an additional 82,000 shares during the last quarter. State Street Corp lifted its holdings in shares of Aegion by 0.9% during the second quarter. State Street Corp now owns 920,962 shares of the construction company’s stock worth $20,152,000 after purchasing an additional 8,122 shares during the period. Northern Trust Corp lifted its holdings in shares of Aegion by 31.1% during the second quarter. Northern Trust Corp now owns 860,285 shares of the construction company’s stock worth $18,823,000 after purchasing an additional 203,912 shares during the period. Finally, Foundry Partners LLC lifted its holdings in shares of Aegion by 7.9% during the third quarter. Foundry Partners LLC now owns 536,853 shares of the construction company’s stock worth $12,498,000 after purchasing an additional 39,484 shares during the period. 92.96% of the stock is currently owned by hedge funds and other institutional investors.
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Aegion Company Profile
Aegion Corporation (Aegion) is engaged in providing infrastructure protection and maintenance. The Company operates through three segments: Infrastructure Solutions, Corrosion Protection and Energy Services. The Company offers service solutions, including rehabilitation of water and wastewater pipelines with Insituform cured-in-place pipe (CIPP) products; fusible polyvinyl chloride products for rehabilitation; fiber reinforced polymer systems for rehabilitation and strengthening; cathodic protection for corrosion engineering control and infrastructure rehabilitation; pipe coatings for corrosion control and prevention; high density polyethylene (HDPE) pipe lining for corrosion control, abrasion protection and pipeline rehabilitation, and construction and maintenance of oil and gas facilities.
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