Argan, Inc. (NYSE:AGX) Sees Significant Decline in Short Interest

Argan, Inc. (NYSE:AGX) was the target of a significant decline in short interest in January. As of January 31st, there was short interest totalling 732,800 shares, a decline of 6.2% from the January 15th total of 781,000 shares. Based on an average daily trading volume, of 391,600 shares, the days-to-cover ratio is currently 1.9 days. Approximately 5.7% of the company’s stock are sold short.

Argan Price Performance

Shares of Argan stock opened at $144.04 on Thursday. The firm’s fifty day simple moving average is $150.82 and its 200-day simple moving average is $125.80. Argan has a 12 month low of $45.93 and a 12 month high of $191.46. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 30.13 and a beta of 0.56.

Argan (NYSE:AGX) last announced its earnings results on Thursday, December 5th. The construction company reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.74. Argan had a net margin of 8.20% and a return on equity of 21.66%. The business had revenue of $257.00 million during the quarter, compared to analysts’ expectations of $225.60 million. Argan’s revenue was up 56.9% compared to the same quarter last year.

Argan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Thursday, January 23rd were given a dividend of $0.375 per share. The ex-dividend date of this dividend was Thursday, January 23rd. This represents a $1.50 dividend on an annualized basis and a yield of 1.04%. Argan’s payout ratio is 31.38%.

Insider Transactions at Argan

In other news, Director Peter W. Getsinger sold 7,385 shares of the stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $165.29, for a total value of $1,220,666.65. Following the transaction, the director now owns 11,792 shares in the company, valued at approximately $1,949,099.68. This represents a 38.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David Hibbert Watson sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $146.05, for a total value of $1,460,500.00. Following the sale, the chief executive officer now owns 51,291 shares of the company’s stock, valued at approximately $7,491,050.55. The trade was a 16.32 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,185 shares of company stock valued at $3,105,359. 11.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of AGX. McIlrath & Eck LLC lifted its holdings in shares of Argan by 419.4% during the fourth quarter. McIlrath & Eck LLC now owns 374 shares of the construction company’s stock worth $51,000 after purchasing an additional 302 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Argan by 6.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 31,371 shares of the construction company’s stock worth $4,299,000 after acquiring an additional 1,801 shares during the period. Two Sigma Advisers LP increased its stake in shares of Argan by 1.8% during the fourth quarter. Two Sigma Advisers LP now owns 11,100 shares of the construction company’s stock worth $1,521,000 after acquiring an additional 200 shares during the period. Tema Etfs LLC acquired a new position in shares of Argan during the fourth quarter worth about $246,000. Finally, Point72 Asset Management L.P. raised its holdings in Argan by 416.3% during the fourth quarter. Point72 Asset Management L.P. now owns 23,949 shares of the construction company’s stock worth $3,282,000 after purchasing an additional 19,310 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Analyst Upgrades and Downgrades

AGX has been the subject of several recent analyst reports. CJS Securities restated a “market perform” rating and set a $150.00 price objective on shares of Argan in a research report on Friday, December 6th. StockNews.com lowered Argan from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th. Finally, Lake Street Capital cut Argan from a “buy” rating to a “hold” rating and lifted their target price for the stock from $85.00 to $150.00 in a research report on Tuesday, December 3rd.

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.