Argan, Inc. (NYSE:AGX) Director Sells $481,950.00 in Stock

Argan, Inc. (NYSE:AGX) Director Cynthia Flanders sold 5,000 shares of Argan stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $96.39, for a total transaction of $481,950.00. Following the transaction, the director now owns 17,332 shares in the company, valued at approximately $1,670,631.48. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Argan Stock Up 2.0 %

Argan stock opened at $100.43 on Monday. The company’s 50-day moving average price is $80.19 and its 200-day moving average price is $70.20. Argan, Inc. has a twelve month low of $39.74 and a twelve month high of $103.00. The company has a market cap of $1.36 billion, a PE ratio of 35.74 and a beta of 0.51.

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

Argan Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Wednesday, October 23rd will be issued a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a yield of 1.49%. This is an increase from Argan’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, October 23rd. Argan’s dividend payout ratio is presently 42.70%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on AGX shares. Lake Street Capital lifted their target price on shares of Argan from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, June 7th. StockNews.com cut shares of Argan from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 7th.

Hedge Funds Weigh In On Argan

Hedge funds have recently added to or reduced their stakes in the company. Cardinal Capital Management grew its stake in Argan by 1.2% in the 2nd quarter. Cardinal Capital Management now owns 29,062 shares of the construction company’s stock worth $2,126,000 after acquiring an additional 338 shares in the last quarter. Ellsworth Advisors LLC increased its position in shares of Argan by 3.5% during the second quarter. Ellsworth Advisors LLC now owns 10,862 shares of the construction company’s stock worth $795,000 after acquiring an additional 369 shares during the period. Savant Capital LLC increased its position in shares of Argan by 4.4% during the second quarter. Savant Capital LLC now owns 10,285 shares of the construction company’s stock worth $752,000 after acquiring an additional 431 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Argan by 10.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,656 shares of the construction company’s stock worth $286,000 after acquiring an additional 539 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Argan during the second quarter worth approximately $41,000. 79.43% of the stock is currently owned by institutional investors.

Argan Company Profile

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.