Argan, Inc. (NYSE:AGX) Director Sells $962,000.00 in Stock

Argan, Inc. (NYSE:AGX) Director William F. Leimkuhler sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $96.20, for a total transaction of $962,000.00. Following the completion of the sale, the director now owns 35,852 shares in the company, valued at $3,448,962.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Argan Trading Up 2.7 %

Shares of AGX opened at $97.85 on Thursday. The business’s 50-day moving average price is $79.24 and its 200 day moving average price is $69.49. The stock has a market capitalization of $1.32 billion, a P/E ratio of 34.82 and a beta of 0.51. Argan, Inc. has a 1-year low of $39.74 and a 1-year high of $98.40.

Argan (NYSE:AGX) last released its earnings results on Thursday, September 5th. The construction company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.34. Argan had a net margin of 6.11% and a return on equity of 14.80%. The business had revenue of $227.02 million for the quarter, compared to the consensus estimate of $191.05 million. The firm’s revenue for the quarter was up 60.6% on a year-over-year basis.

Argan Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Wednesday, October 23rd will be given a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend is Wednesday, October 23rd. This is a boost from Argan’s previous quarterly dividend of $0.30. Argan’s dividend payout ratio (DPR) is 42.70%.

Wall Street Analyst Weigh In

AGX has been the topic of several recent research reports. Lake Street Capital lifted their price target on shares of Argan from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. StockNews.com cut Argan from a “strong-buy” rating to a “buy” rating in a report on Friday, June 7th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Argan during the 2nd quarter worth about $41,000. Point72 DIFC Ltd acquired a new stake in shares of Argan during the second quarter worth approximately $70,000. EntryPoint Capital LLC purchased a new position in Argan during the first quarter valued at approximately $95,000. Quest Partners LLC lifted its position in Argan by 3,321.4% in the 2nd quarter. Quest Partners LLC now owns 1,916 shares of the construction company’s stock worth $140,000 after buying an additional 1,860 shares in the last quarter. Finally, CWM LLC lifted its position in Argan by 84.6% in the 2nd quarter. CWM LLC now owns 2,457 shares of the construction company’s stock worth $180,000 after buying an additional 1,126 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Argan Company Profile

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.