Argan, Inc. (NYSE:AGX) Director Sells $154,130.36 in Stock

Argan, Inc. (NYSE:AGX) Director W G. Champion Mitchell sold 2,507 shares of the firm’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $61.48, for a total transaction of $154,130.36. Following the completion of the sale, the director now owns 2,500 shares of the company’s stock, valued at approximately $153,700. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Argan Stock Performance

NYSE AGX traded down $0.01 during mid-day trading on Tuesday, reaching $61.63. 107,551 shares of the stock were exchanged, compared to its average volume of 73,456. Argan, Inc. has a 1-year low of $37.37 and a 1-year high of $62.69. The business’s fifty day simple moving average is $50.33 and its 200 day simple moving average is $47.27. The stock has a market capitalization of $815.98 million, a PE ratio of 25.85 and a beta of 0.49.

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

Argan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Monday, April 22nd will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, April 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.95%. Argan’s payout ratio is 50.21%.

Institutional Investors Weigh In On Argan

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AGX. SG Americas Securities LLC purchased a new stake in Argan during the 3rd quarter worth $265,000. Pinnacle Associates Ltd. increased its stake in Argan by 3.7% during the 3rd quarter. Pinnacle Associates Ltd. now owns 21,712 shares of the construction company’s stock worth $988,000 after buying an additional 775 shares during the period. Azarias Capital Management L.P. increased its stake in Argan by 37.6% during the 3rd quarter. Azarias Capital Management L.P. now owns 173,143 shares of the construction company’s stock worth $7,881,000 after buying an additional 47,332 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Argan by 68.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,720 shares of the construction company’s stock worth $169,000 after buying an additional 1,511 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Argan by 9.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 395,664 shares of the construction company’s stock worth $18,011,000 after buying an additional 32,958 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on AGX. Lake Street Capital raised their price objective on shares of Argan from $61.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, April 12th. StockNews.com upgraded shares of Argan from a “buy” rating to a “strong-buy” rating in a research report on Monday, April 15th.

About Argan

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.