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 firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $96.20, for a total value of $962,000.00. Following the completion of the transaction, the director now owns 35,852 shares of the company’s stock, valued at approximately $3,448,962.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Argan Trading Up 0.4 %

Shares of AGX traded up $0.36 during trading hours on Monday, reaching $96.25. 160,932 shares of the company’s stock traded hands, compared to its average volume of 139,024. The stock has a market cap of $1.29 billion, a PE ratio of 34.12 and a beta of 0.51. The firm’s 50 day simple moving average is $78.12 and its 200-day simple moving average is $68.64. Argan, Inc. has a 12 month low of $39.74 and a 12 month high of $97.66.

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

Argan Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Wednesday, October 23rd will be given a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend is Wednesday, October 23rd. This is an increase from Argan’s previous quarterly dividend of $0.30. Argan’s dividend payout ratio (DPR) is 53.38%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AGX. Lake Street Capital raised their target price on Argan from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. StockNews.com downgraded Argan from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 7th.

Institutional Trading of Argan

A number of large investors have recently modified their holdings of AGX. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Argan during the 2nd quarter valued at about $41,000. Point72 DIFC Ltd purchased a new position in shares of Argan during the 2nd quarter valued at about $70,000. EntryPoint Capital LLC purchased a new position in shares of Argan during the 1st quarter valued at about $95,000. Quest Partners LLC raised its holdings in shares of Argan by 3,321.4% during the 2nd quarter. Quest Partners LLC now owns 1,916 shares of the construction company’s stock valued at $140,000 after buying an additional 1,860 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of Argan by 84.6% during the 2nd quarter. CWM LLC now owns 2,457 shares of the construction company’s stock valued at $180,000 after buying an additional 1,126 shares in the last quarter. Institutional investors own 79.43% of the company’s stock.

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.