Argan, Inc. (NYSE:AGX - Get Free Report) CEO David Hibbert Watson sold 4,441 shares of Argan stock in a transaction that occurred on Thursday, October 9th. The shares were sold at an average price of $277.01, for a total transaction of $1,230,201.41. Following the sale, the chief executive officer owned 47,691 shares in the company, valued at approximately $13,210,883.91. The trade was a 8.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
David Hibbert Watson also recently made the following trade(s):
- On Thursday, October 9th, David Hibbert Watson sold 559 shares of Argan stock. The shares were sold at an average price of $272.27, for a total transaction of $152,198.93.
Argan Stock Performance
Shares of Argan stock traded down $13.81 on Friday, hitting $256.28. 349,373 shares of the company traded hands, compared to its average volume of 422,292. The stock has a market capitalization of $3.54 billion, a P/E ratio of 30.80 and a beta of 0.64. Argan, Inc. has a 52 week low of $101.02 and a 52 week high of $283.35. The business has a 50-day simple moving average of $241.00 and a 200 day simple moving average of $205.24.
Argan (NYSE:AGX - Get Free Report) last announced its quarterly earnings results on Thursday, September 4th. The construction company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.51. Argan had a net margin of 12.73% and a return on equity of 32.61%. The company had revenue of $237.74 million for the quarter, compared to analysts' expectations of $243.97 million. During the same quarter in the previous year, the business posted $1.31 earnings per share. Argan's quarterly revenue was up 4.7% on a year-over-year basis.
Argan Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Thursday, October 23rd will be given a $0.50 dividend. This is a boost from Argan's previous quarterly dividend of $0.38. This represents a $2.00 annualized dividend and a yield of 0.8%. The ex-dividend date is Thursday, October 23rd. Argan's dividend payout ratio (DPR) is presently 18.03%.
Analyst Upgrades and Downgrades
Several brokerages recently weighed in on AGX. Wall Street Zen upgraded shares of Argan from a "hold" rating to a "buy" rating in a research report on Friday, September 5th. Glj Research began coverage on shares of Argan in a research report on Monday, September 22nd. They issued a "hold" rating and a $251.00 price target on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Argan in a research report on Wednesday. Lake Street Capital boosted their price target on shares of Argan from $236.00 to $260.00 and gave the stock a "buy" rating in a research report on Friday, September 5th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Argan in a research report on Monday, July 21st. They set a "neutral" rating and a $220.00 price objective on the stock. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $220.25.
Read Our Latest Analysis on AGX
Institutional Trading of Argan
A number of large investors have recently made changes to their positions in the stock. Centurion Wealth Management LLC purchased a new stake in shares of Argan during the third quarter valued at $270,000. Osaic Holdings Inc. boosted its stake in shares of Argan by 89.1% during the second quarter. Osaic Holdings Inc. now owns 11,146 shares of the construction company's stock valued at $2,458,000 after purchasing an additional 5,251 shares during the period. Orion Porfolio Solutions LLC purchased a new stake in shares of Argan during the second quarter valued at $660,000. Squarepoint Ops LLC purchased a new stake in shares of Argan during the second quarter valued at $3,503,000. Finally, Ranger Investment Management L.P. purchased a new stake in shares of Argan during the second quarter valued at $2,948,000. 79.43% of the stock is owned by hedge funds and other institutional investors.
About Argan
(
Get Free Report)
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.
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