Argan (NYSE:AGX) Sets New 52-Week High at $62.80

Argan, Inc. (NYSE:AGX) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $62.80 and last traded at $62.70, with a volume of 50186 shares trading hands. The stock had previously closed at $60.84.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. StockNews.com upgraded shares of Argan from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 15th. Lake Street Capital boosted their price objective on shares of Argan from $61.00 to $70.00 and gave the company a “buy” rating in a report on Friday, April 12th.

Argan Stock Up 2.1 %

The stock has a market cap of $878.74 million, a PE ratio of 27.77 and a beta of 0.43. The stock has a 50-day moving average of $54.07 and a 200 day moving average of $48.60.

Argan (NYSE:AGX) last announced its quarterly earnings data on Thursday, April 11th. The construction company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.14. The business had revenue of $164.55 million for the quarter, compared to analyst estimates of $162.05 million. Argan had a net margin of 5.64% and a return on equity of 11.37%. The company’s revenue was up 38.5% on a year-over-year basis. During the same period last year, the business earned ($0.46) EPS.

Argan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Monday, April 22nd were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, April 19th. This represents a $1.20 dividend on an annualized basis and a yield of 1.81%. Argan’s payout ratio is currently 50.21%.

Insider Buying and Selling at Argan

In related news, Director W G. Champion Mitchell sold 2,507 shares of the stock in a transaction on Friday, April 19th. The stock was sold at an average price of $61.48, for a total value of $154,130.36. Following the transaction, the director now directly owns 2,500 shares of the company’s stock, valued at approximately $153,700. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director W G. Champion Mitchell sold 13,143 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $60.17, for a total transaction of $790,814.31. Following the completion of the transaction, the director now owns 5,197 shares in the company, valued at approximately $312,703.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director W G. Champion Mitchell sold 2,507 shares of the firm’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $61.48, for a total value of $154,130.36. Following the completion of the sale, the director now owns 2,500 shares in the company, valued at $153,700. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,606 shares of company stock valued at $2,394,182. 11.85% of the stock is owned by corporate insiders.

Institutional Trading of Argan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its position in shares of Argan by 18.3% during the first quarter. BNP Paribas Financial Markets now owns 10,426 shares of the construction company’s stock worth $527,000 after acquiring an additional 1,611 shares in the last quarter. Keene & Associates Inc. increased its position in shares of Argan by 3.5% in the first quarter. Keene & Associates Inc. now owns 18,973 shares of the construction company’s stock valued at $959,000 after acquiring an additional 636 shares during the last quarter. Wesbanco Bank Inc. bought a new stake in Argan during the first quarter worth about $1,257,000. Raymond James & Associates raised its holdings in Argan by 1.0% during the first quarter. Raymond James & Associates now owns 90,801 shares of the construction company’s stock worth $4,589,000 after acquiring an additional 935 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in Argan by 12.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 20,264 shares of the construction company’s stock valued at $1,024,000 after purchasing an additional 2,259 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

About Argan

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The company operates through Power Services, Industrial Services, and Telecom Services segments. The Power Services segment offers engineering, procurement, and construction, as well as designing, building, and commissioning of large-scale energy projects to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for projects with approximately 18 gigawatts of power-generating capacity.