Argan, Inc. (NYSE:AGX) Short Interest Down 20.1% in December

Argan, Inc. (NYSE:AGX) was the target of a large drop in short interest during the month of December. As of December 31st, there was short interest totaling 521,702 shares, a drop of 20.1% from the December 15th total of 652,784 shares. Based on an average daily trading volume, of 237,530 shares, the days-to-cover ratio is presently 2.2 days. Currently, 4.0% of the company’s stock are short sold. Currently, 4.0% of the company’s stock are short sold. Based on an average daily trading volume, of 237,530 shares, the days-to-cover ratio is presently 2.2 days.

Argan Stock Down 0.6%

Shares of AGX stock traded down $2.47 during trading hours on Tuesday, reaching $381.19. The company’s stock had a trading volume of 259,383 shares, compared to its average volume of 341,769. Argan has a fifty-two week low of $101.02 and a fifty-two week high of $399.30. The firm’s 50 day simple moving average is $338.29 and its 200-day simple moving average is $280.50. The company has a market capitalization of $5.29 billion, a price-to-earnings ratio of 45.16 and a beta of 0.64.

Argan (NYSE:AGX) last announced its quarterly earnings data on Thursday, December 4th. The construction company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.35. The business had revenue of $251.15 million during the quarter, compared to the consensus estimate of $251.50 million. Argan had a return on equity of 31.38% and a net margin of 13.11%.Argan’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.00 EPS.

Argan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Thursday, January 22nd will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Thursday, January 22nd. Argan’s dividend payout ratio is currently 23.56%.

Analyst Upgrades and Downgrades

Several research firms recently commented on AGX. Glj Research upgraded shares of Argan from a “hold” rating to a “buy” rating and upped their price target for the company from $251.00 to $369.00 in a research note on Monday, November 10th. Zacks Research upgraded shares of Argan from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 11th. CJS Securities upgraded shares of Argan to a “hold” rating in a research report on Thursday, December 11th. Weiss Ratings reiterated a “buy (b+)” rating on shares of Argan in a research note on Wednesday, December 24th. Finally, The Goldman Sachs Group started coverage on Argan in a research note on Tuesday, November 11th. They set a “buy” rating and a $397.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $355.20.

Insider Buying and Selling at Argan

In related news, Director Peter W. Getsinger sold 6,595 shares of the firm’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $313.71, for a total value of $2,068,917.45. Following the completion of the transaction, the director directly owned 7,847 shares of the company’s stock, valued at approximately $2,461,682.37. This trade represents a 45.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James W. Quinn sold 1,000 shares of Argan stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $328.04, for a total transaction of $328,040.00. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 18,171 shares of company stock worth $5,816,642. Corporate insiders own 6.69% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd acquired a new position in Argan in the 3rd quarter worth about $25,000. Danske Bank A S acquired a new position in shares of Argan in the third quarter valued at approximately $27,000. Accredited Wealth Management LLC bought a new position in Argan in the 3rd quarter valued at approximately $32,000. USA Financial Formulas acquired a new stake in Argan during the 4th quarter worth approximately $40,000. Finally, National Bank of Canada FI grew its holdings in Argan by 26.7% during the 3rd quarter. National Bank of Canada FI now owns 147 shares of the construction company’s stock worth $40,000 after acquiring an additional 31 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Argan Company Profile

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.