Argan, Inc. (NYSE:AGX) Short Interest Up 46.5% in June

Argan, Inc. (NYSE:AGX) was the recipient of a significant increase in short interest in June. As of June 15th, there was short interest totalling 226,500 shares, an increase of 46.5% from the May 31st total of 154,600 shares. Based on an average daily trading volume, of 138,300 shares, the short-interest ratio is currently 1.6 days. Currently, 1.8% of the shares of the stock are sold short.

Argan Stock Performance

Shares of Argan stock traded down $0.11 on Monday, reaching $73.05. The company had a trading volume of 7,195 shares, compared to its average volume of 105,589. The firm’s 50 day moving average price is $69.23 and its two-hundred day moving average price is $55.54. Argan has a 52-week low of $37.37 and a 52-week high of $78.95. The firm has a market cap of $975.22 million, a PE ratio of 26.04 and a beta of 0.51.

Argan (NYSE:AGX) last announced its earnings results on Thursday, June 6th. The construction company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.06. Argan had a return on equity of 13.22% and a net margin of 6.08%. The company had revenue of $157.70 million for the quarter, compared to analyst estimates of $134.75 million. During the same quarter in the previous year, the company earned ($0.05) earnings per share. The firm’s quarterly revenue was up 52.1% compared to the same quarter last year.

Argan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Tuesday, July 23rd will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.64%. The ex-dividend date is Tuesday, July 23rd. Argan’s dividend payout ratio is currently 42.70%.

Analysts Set New Price Targets

Several research analysts recently weighed in on AGX shares. StockNews.com lowered Argan from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 7th. Lake Street Capital increased their price target on Argan from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, June 7th.

Insider Transactions at Argan

In other news, Director Rainer H. Bosselmann sold 4,500 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $77.11, for a total value of $346,995.00. Following the completion of the sale, the director now directly owns 247,719 shares in the company, valued at $19,101,612.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Rainer H. Bosselmann sold 4,500 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $77.11, for a total transaction of $346,995.00. Following the transaction, the director now owns 247,719 shares of the company’s stock, valued at approximately $19,101,612.09. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director W G. Champion Mitchell sold 2,507 shares of the firm’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $61.48, for a total transaction of $154,130.36. Following the sale, the director now owns 2,500 shares of the company’s stock, valued at $153,700. The disclosure for this sale can be found here. Over the last three months, insiders have sold 69,106 shares of company stock valued at $4,662,427. Corporate insiders own 11.85% of the company’s stock.

Institutional Trading of Argan

Institutional investors and hedge funds have recently bought and sold shares of the business. Algert Global LLC purchased a new position in Argan in the third quarter valued at $507,000. Quadrature Capital Ltd acquired a new position in shares of Argan during the third quarter worth about $708,000. Exchange Traded Concepts LLC increased its stake in shares of Argan by 3.3% during the fourth quarter. Exchange Traded Concepts LLC now owns 8,904 shares of the construction company’s stock worth $417,000 after buying an additional 282 shares during the period. SG Americas Securities LLC raised its holdings in Argan by 18.8% in the fourth quarter. SG Americas Securities LLC now owns 6,918 shares of the construction company’s stock valued at $324,000 after acquiring an additional 1,093 shares in the last quarter. Finally, Legato Capital Management LLC lifted its stake in Argan by 13.0% in the fourth quarter. Legato Capital Management LLC now owns 116,613 shares of the construction company’s stock worth $5,456,000 after acquiring an additional 13,431 shares during the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

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.