W G. Champion Mitchell Sells 13,143 Shares of Argan, Inc. (NYSE:AGX) Stock

Argan, Inc. (NYSE:AGX) Director W G. Champion Mitchell sold 13,143 shares of Argan stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $60.17, for a total transaction of $790,814.31. Following the completion of the sale, the director now owns 5,197 shares in the company, valued at $312,703.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Argan Stock Up 1.3 %

Shares of NYSE:AGX traded up $0.82 during midday trading on Friday, hitting $61.81. The stock had a trading volume of 119,597 shares, compared to its average volume of 72,317. Argan, Inc. has a 12 month low of $37.37 and a 12 month high of $62.19. The business’s 50-day simple moving average is $49.73 and its 200-day simple moving average is $47.02. The company has a market cap of $818.36 million, a P/E ratio of 25.79 and a beta of 0.49.

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

Argan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Monday, April 22nd will be given a dividend of $0.30 per share. The ex-dividend date is Friday, April 19th. This represents a $1.20 dividend on an annualized basis and a yield of 1.94%. Argan’s dividend payout ratio (DPR) is 50.21%.

Wall Street Analysts Forecast Growth

AGX has been the topic of a number of recent research reports. StockNews.com upgraded shares of Argan from a “buy” rating to a “strong-buy” rating in a report on Monday. Lake Street Capital raised their target price on shares of Argan from $61.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, April 12th.

Hedge Funds Weigh In On Argan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AGX. Bank of New York Mellon Corp boosted its position in Argan by 3.3% during the first quarter. Bank of New York Mellon Corp now owns 120,094 shares of the construction company’s stock worth $4,874,000 after purchasing an additional 3,795 shares during the period. PNC Financial Services Group Inc. bought a new position in Argan during the first quarter worth $109,000. Bank of Montreal Can bought a new position in Argan during the first quarter worth $340,000. MetLife Investment Management LLC boosted its position in Argan by 45.5% during the first quarter. MetLife Investment Management LLC now owns 8,933 shares of the construction company’s stock worth $363,000 after purchasing an additional 2,793 shares during the period. Finally, Panagora Asset Management Inc. boosted its position in Argan by 4.1% during the first quarter. Panagora Asset Management Inc. now owns 41,946 shares of the construction company’s stock worth $1,703,000 after purchasing an additional 1,638 shares during the period. 79.43% of the stock is owned by institutional investors.

Argan Company Profile

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.