Argan (NYSE:AGX) Reaches New 52-Week High - What's Next?

Key Points

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Argan, Inc. (NYSE:AGX - Get Free Report) hit a new 52-week high on Thursday . The company traded as high as $252.99 and last traded at $249.50, with a volume of 183659 shares traded. The stock had previously closed at $240.50.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on AGX shares. Lake Street Capital boosted their price objective on shares of Argan from $150.00 to $236.00 and gave the stock a "buy" rating in a report on Thursday, June 5th. Kepler Capital Markets cut shares of Argan from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 28th. Finally, JPMorgan Chase & Co. began coverage on shares of Argan in a report on Monday, July 21st. They issued a "neutral" rating and a $220.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, Argan presently has an average rating of "Hold" and a consensus price target of $202.00.

Argan Stock Down 8.0%

The company's fifty day moving average is $216.04 and its 200-day moving average is $170.12. The company has a market cap of $3.07 billion, a PE ratio of 31.60 and a beta of 0.59.

Argan (NYSE:AGX - Get Free Report) last issued its earnings results on Wednesday, June 4th. The construction company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.51. Argan had a net margin of 11.00% and a return on equity of 29.61%. The company had revenue of $193.66 million for the quarter, compared to analysts' expectations of $193.75 million. During the same quarter last year, the company posted $0.58 earnings per share. The firm's quarterly revenue was up 22.8% on a year-over-year basis.

Argan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Wednesday, July 23rd were issued a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, July 23rd. Argan's dividend payout ratio is currently 21.04%.

Insider Buying and Selling at Argan

In other Argan news, Director John Ronald Jr. Jeffrey sold 2,621 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $235.63, for a total transaction of $617,586.23. Following the completion of the sale, the director directly owned 9,254 shares of the company's stock, valued at approximately $2,180,520.02. This represents a 22.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Charles Edwin Iv Collins sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $245.00, for a total transaction of $1,225,000.00. Following the sale, the chief executive officer directly owned 14,506 shares of the company's stock, valued at approximately $3,553,970. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,564 shares of company stock valued at $21,046,366 in the last quarter. Insiders own 6.69% of the company's stock.

Institutional Trading of Argan

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. City Center Advisors LLC bought a new stake in Argan during the 1st quarter worth approximately $223,000. Wealth Enhancement Advisory Services LLC raised its stake in Argan by 26.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,977 shares of the construction company's stock worth $522,000 after acquiring an additional 839 shares during the period. GAMMA Investing LLC raised its stake in Argan by 11,180.0% during the 1st quarter. GAMMA Investing LLC now owns 5,640 shares of the construction company's stock worth $7,400,000 after acquiring an additional 5,590 shares during the period. SG Americas Securities LLC raised its stake in Argan by 362.2% during the 1st quarter. SG Americas Securities LLC now owns 4,969 shares of the construction company's stock worth $652,000 after acquiring an additional 3,894 shares during the period. Finally, Thoroughbred Financial Services LLC raised its stake in Argan by 34.3% during the 4th quarter. Thoroughbred Financial Services LLC now owns 8,411 shares of the construction company's stock worth $1,152,000 after acquiring an additional 2,150 shares during the period. 79.43% of the stock is owned by hedge funds and other institutional investors.

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.