Insider Selling: Argan (NYSE:AGX) Director Sells 2,164 Shares of Stock

Argan, Inc. (NYSE:AGX) Director William Leimkuhler sold 2,164 shares of the business’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $318.28, for a total value of $688,757.92. Following the completion of the transaction, the director owned 65,195 shares in the company, valued at approximately $20,750,264.60. This trade represents a 3.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Argan Stock Up 1.2%

Shares of Argan stock traded up $3.78 on Wednesday, hitting $317.87. 305,924 shares of the company’s stock traded hands, compared to its average volume of 301,713. Argan, Inc. has a 52-week low of $101.02 and a 52-week high of $399.30. The stock has a market cap of $4.41 billion, a P/E ratio of 37.44 and a beta of 0.64. The firm’s 50-day moving average is $335.62 and its 200 day moving average is $276.44.

Argan (NYSE:AGX) last posted its quarterly earnings results on Thursday, December 4th. The construction company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.35. Argan had a net margin of 13.11% and a return on equity of 31.38%. The firm had revenue of $251.15 million for the quarter, compared to analysts’ expectations of $251.50 million. During the same period in the prior year, the company posted $2.00 earnings per share. The firm’s quarterly revenue was down 2.3% on a year-over-year basis.

Argan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Thursday, January 22nd will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Thursday, January 22nd. Argan’s dividend payout ratio (DPR) is currently 23.56%.

Hedge Funds Weigh In On Argan

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in shares of Argan in the 3rd quarter worth $25,000. Danske Bank A S bought a new position in shares of Argan in the third quarter valued at $27,000. Accredited Wealth Management LLC acquired a new stake in shares of Argan during the 3rd quarter valued at $32,000. USA Financial Formulas bought a new stake in shares of Argan during the 4th quarter worth $40,000. Finally, National Bank of Canada FI grew its holdings in shares of Argan by 26.7% in the 3rd quarter. National Bank of Canada FI now owns 147 shares of the construction company’s stock worth $40,000 after acquiring an additional 31 shares during the last quarter. 79.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on AGX. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $370.00 price objective (up previously from $315.00) on shares of Argan in a report on Monday, December 1st. Zacks Research raised shares of Argan from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 11th. The Goldman Sachs Group began coverage on shares of Argan in a report on Tuesday, November 11th. They issued a “buy” rating and a $397.00 target price on the stock. UBS Group set a $315.00 target price on Argan in a report on Monday, October 13th. Finally, Lake Street Capital cut Argan from a “buy” rating to a “hold” rating and increased their price target for the stock from $260.00 to $325.00 in a research report on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $355.20.

About Argan

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.