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 business’s stock in a transaction that occurred on 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 directly owns 2,500 shares of the company’s stock, valued at $153,700. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Argan Stock Down 0.0 %

AGX traded down $0.01 during trading hours on Tuesday, hitting $61.63. 107,551 shares of the company’s stock were exchanged, compared to its average volume of 73,456. The stock has a market cap of $815.98 million, a price-to-earnings ratio of 25.85 and a beta of 0.49. The stock’s 50-day moving average is $50.33 and its two-hundred day moving average is $47.27. Argan, Inc. has a 1-year low of $37.37 and a 1-year high of $62.69.

Argan (NYSE:AGX) last posted 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 company had revenue of $164.55 million during the quarter, compared to analysts’ expectations of $162.05 million. During the same quarter last year, the company posted ($0.46) EPS. Argan’s quarterly revenue was up 38.5% compared to the same quarter last year.

Argan Announces Dividend

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

Hedge Funds Weigh In On Argan

Several hedge funds have recently bought and sold shares of AGX. Essex Investment Management Co. LLC bought a new position in Argan in the 4th quarter valued at about $2,300,000. Azarias Capital Management L.P. increased its holdings in Argan by 37.6% in the 3rd quarter. Azarias Capital Management L.P. now owns 173,143 shares of the construction company’s stock valued at $7,881,000 after buying an additional 47,332 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Argan by 9.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 395,664 shares of the construction company’s stock valued at $18,011,000 after buying an additional 32,958 shares during the period. Acadian Asset Management LLC bought a new position in Argan in the 3rd quarter valued at about $1,298,000. Finally, Wesbanco Bank Inc. bought a new position in Argan in the 1st quarter valued at about $1,257,000. 79.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on AGX. StockNews.com raised shares of Argan from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 15th. Lake Street Capital upped their target price on shares of Argan from $61.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, April 12th.

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.