Argan (NYSE:AGX) Trading Down 4.2% – Time to Sell?

Argan, Inc. (NYSE:AGX)’s stock price dropped 4.2% during mid-day trading on Wednesday . The stock traded as low as $154.08 and last traded at $154.08. Approximately 102,121 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 172,690 shares. The stock had previously closed at $160.81.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Argan from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th.

Argan Stock Performance

The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 50.57 and a beta of 0.49. The firm has a fifty day moving average price of $126.34 and a 200-day moving average price of $92.82.

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

Argan Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Wednesday, October 23rd were issued a dividend of $0.375 per share. The ex-dividend date of this dividend was Wednesday, October 23rd. This is an increase from Argan’s previous quarterly dividend of $0.30. This represents a $1.50 annualized dividend and a dividend yield of 0.97%. Argan’s dividend payout ratio is 47.17%.

Insider Buying and Selling

In other Argan news, Director William F. Leimkuhler sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $96.20, for a total transaction of $962,000.00. Following the completion of the transaction, the director now owns 35,852 shares in the company, valued at approximately $3,448,962.40. This trade represents a 21.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rainer H. Bosselmann sold 4,598 shares of the company’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $131.01, for a total transaction of $602,383.98. Following the completion of the sale, the director now directly owns 236,745 shares in the company, valued at approximately $31,015,962.45. This represents a 1.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 39,703 shares of company stock worth $4,257,794 in the last 90 days. Insiders own 11.85% of the company’s stock.

Institutional Investors Weigh In On Argan

Institutional investors and hedge funds have recently made changes to their positions in the business. Franklin Resources Inc. boosted its stake in Argan by 51.0% during the third quarter. Franklin Resources Inc. now owns 22,406 shares of the construction company’s stock worth $2,273,000 after acquiring an additional 7,564 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Argan by 0.5% during the third quarter. Geode Capital Management LLC now owns 287,246 shares of the construction company’s stock valued at $29,141,000 after purchasing an additional 1,553 shares during the period. Barclays PLC boosted its position in shares of Argan by 46.6% during the 3rd quarter. Barclays PLC now owns 66,341 shares of the construction company’s stock worth $6,728,000 after purchasing an additional 21,094 shares in the last quarter. Anson Funds Management LP boosted its position in shares of Argan by 28.6% during the 3rd quarter. Anson Funds Management LP now owns 45,000 shares of the construction company’s stock worth $4,564,000 after purchasing an additional 10,000 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Argan in the 3rd quarter valued at about $631,000. Institutional investors own 79.43% of the company’s stock.

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.