Argan (NYSE:AGX) Director Peter Getsinger Sells 2,609 Shares

Key Points

• Peter Getsinger, a director at Argan, sold 2,609 shares of the company's stock for a total of $625,325.12, which resulted in a 16.83% decrease in his position.
• Argan recently announced an increase in its quarterly dividend from $0.38 to $0.50, with the new dividend set to be distributed on October 31st.
• The company reported an earnings per share (EPS) of $2.50, surpassing analysts' estimates of $1.99, while the quarterly revenue was slightly below the consensus estimate at $237.74 million.

Argan, Inc. (NYSE:AGX - Get Free Report) Director Peter Getsinger sold 2,609 shares of the business's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $239.68, for a total value of $625,325.12. Following the completion of the transaction, the director owned 12,896 shares in the company, valued at $3,090,913.28. This trade represents a 16.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Argan Trading Up 0.8%

NYSE AGX traded up $1.94 on Wednesday, reaching $240.16. The stock had a trading volume of 216,412 shares, compared to its average volume of 431,055. The business has a 50 day moving average price of $224.90 and a 200 day moving average price of $187.53. Argan, Inc. has a 1 year low of $87.79 and a 1 year high of $253.79. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 28.87 and a beta of 0.62.

Argan (NYSE:AGX - Get Free Report) last issued its earnings results on Thursday, September 4th. The construction company reported $2.50 EPS for the quarter, beating analysts' consensus estimates of $1.99 by $0.51. The firm had revenue of $237.74 million for the quarter, compared to the consensus estimate of $243.97 million. Argan had a return on equity of 32.61% and a net margin of 12.73%.The business's quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.31 earnings per share.

Argan Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Thursday, October 23rd will be paid a dividend of $0.50 per share. This is a boost from Argan's previous quarterly dividend of $0.38. The ex-dividend date is Thursday, October 23rd. This represents a $2.00 annualized dividend and a dividend yield of 0.8%. Argan's dividend payout ratio is currently 18.03%.

Institutional Investors Weigh In On Argan

Several large investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. grew its stake in shares of Argan by 6.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,354 shares of the construction company's stock valued at $299,000 after purchasing an additional 83 shares during the period. Cardinal Capital Management grew its stake in shares of Argan by 0.4% in the 1st quarter. Cardinal Capital Management now owns 31,086 shares of the construction company's stock valued at $4,078,000 after purchasing an additional 111 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Argan by 12.7% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,059 shares of the construction company's stock valued at $139,000 after purchasing an additional 119 shares during the period. Meritage Portfolio Management increased its holdings in Argan by 3.0% during the 2nd quarter. Meritage Portfolio Management now owns 5,277 shares of the construction company's stock valued at $1,163,000 after purchasing an additional 154 shares in the last quarter. Finally, Great Lakes Advisors LLC increased its holdings in Argan by 0.8% during the 1st quarter. Great Lakes Advisors LLC now owns 18,599 shares of the construction company's stock valued at $2,440,000 after purchasing an additional 155 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AGX has been the subject of several recent analyst reports. JPMorgan Chase & Co. initiated coverage on Argan in a research note on Monday, July 21st. They set a "neutral" rating and a $220.00 price target for the company. Lake Street Capital boosted their price objective on Argan from $236.00 to $260.00 and gave the stock a "buy" rating in a research report on Friday, September 5th. Wall Street Zen raised Argan from a "hold" rating to a "buy" rating in a research report on Friday, September 5th. Finally, Kepler Capital Markets cut Argan from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 28th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $210.00.

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.

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