Argan (NYSE:AGX) Director Sells $3,618,049.28 in Stock

Key Points

• Argan, Inc. Director James Quinn sold 13,444 shares for a total of $3,618,049.28, reducing his ownership by 21.33% to 49,570 shares.
• The company recently declared a quarterly dividend of $0.50 per share, an increase from the previous $0.38, resulting in an annualized yield of 0.7%.
• Argan reported quarterly earnings of $2.50 per share, exceeding estimates by $0.51, despite revenue falling short of expectations at $237.74 million.

Argan, Inc. (NYSE:AGX - Get Free Report) Director James Quinn sold 13,444 shares of the firm's stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $269.12, for a total value of $3,618,049.28. Following the completion of the sale, the director directly owned 49,570 shares of the company's stock, valued at approximately $13,340,278.40. The trade was a 21.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Argan Stock Performance

NYSE:AGX traded up $8.79 during mid-day trading on Wednesday, hitting $278.84. 318,735 shares of the stock were exchanged, compared to its average volume of 427,731. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of 33.51 and a beta of 0.62. The firm's 50-day simple moving average is $235.15 and its 200 day simple moving average is $197.66. Argan, Inc. has a fifty-two week low of $100.20 and a fifty-two week high of $279.95.

Argan (NYSE:AGX - Get Free Report) last released 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. The business had revenue of $237.74 million during the quarter, compared to analysts' expectations of $243.97 million. Argan had a return on equity of 32.61% and a net margin of 12.73%.The firm's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the firm posted $1.31 EPS.

Argan Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Thursday, October 23rd will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, October 23rd. This is an increase from Argan's previous quarterly dividend of $0.38. Argan's payout ratio is 18.03%.

Institutional Investors Weigh In On Argan

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Argan by 6.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 31,371 shares of the construction company's stock valued at $4,299,000 after acquiring an additional 1,801 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Argan by 22.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,138 shares of the construction company's stock valued at $430,000 after buying an additional 566 shares during the last quarter. California State Teachers Retirement System grew its position in shares of Argan by 4.9% in the 4th quarter. California State Teachers Retirement System now owns 12,560 shares of the construction company's stock valued at $1,721,000 after buying an additional 585 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Argan by 11,180.0% in the 1st quarter. GAMMA Investing LLC now owns 5,640 shares of the construction company's stock valued at $7,400,000 after buying an additional 5,590 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of Argan by 4.4% in the 1st quarter. Rhumbline Advisers now owns 19,862 shares of the construction company's stock valued at $2,605,000 after buying an additional 846 shares during the last quarter. Institutional investors own 79.43% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. JPMorgan Chase & Co. assumed coverage on Argan in a research note on Monday, July 21st. They set a "neutral" rating and a $220.00 price objective on the stock. Glj Research assumed coverage on Argan in a research note on Monday, September 22nd. They set a "hold" rating and a $251.00 price objective on the stock. Lake Street Capital raised their price objective on Argan from $236.00 to $260.00 and gave the stock a "buy" rating in a research note on Friday, September 5th. Finally, Wall Street Zen upgraded Argan from a "hold" rating to a "buy" rating in a research note on Friday, September 5th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $220.25.

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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