Argan (NYSE:AGX) Hits New 12-Month High - Here's What Happened

Argan, Inc. (NYSE:AGX - Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $214.91 and last traded at $213.96, with a volume of 43016 shares. The stock had previously closed at $209.96.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on AGX shares. Kepler Capital Markets cut Argan from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 28th. Lake Street Capital raised Argan from a "hold" rating to a "buy" rating and set a $150.00 price objective on the stock in a research report on Friday, March 28th.

Argan Price Performance

The company has a market capitalization of $2.97 billion, a PE ratio of 45.54 and a beta of 0.42. The firm has a 50-day moving average of $162.86 and a 200 day moving average of $149.83.

Argan (NYSE:AGX - Get Free Report) last announced 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 return on equity of 21.66% and a net margin of 8.20%. Argan's revenue was up 22.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.58 EPS.

Argan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd were given a dividend of $0.375 per share. The ex-dividend date was Tuesday, April 22nd. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.69%. Argan's payout ratio is currently 24.55%.

Insider Activity

In other news, CFO Richard H. Deily sold 1,565 shares of Argan stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $152.32, for a total transaction of $238,380.80. Following the transaction, the chief financial officer now directly owns 7,802 shares of the company's stock, valued at $1,188,400.64. The trade was a 16.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter W. Getsinger sold 5,000 shares of Argan stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $145.03, for a total value of $725,150.00. Following the sale, the director now directly owns 11,496 shares in the company, valued at $1,667,264.88. This trade represents a 30.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,857 shares of company stock valued at $1,308,133 in the last ninety days. Corporate insiders own 6.69% of the company's stock.

Institutional Trading of Argan

Several institutional investors and hedge funds have recently added to or reduced their stakes in AGX. Spire Wealth Management bought a new stake in Argan during the 4th quarter valued at approximately $26,000. Farther Finance Advisors LLC bought a new stake in Argan during the 4th quarter valued at approximately $32,000. Larson Financial Group LLC increased its stake in Argan by 2,987.5% in the 1st quarter. Larson Financial Group LLC now owns 247 shares of the construction company's stock worth $32,000 after acquiring an additional 239 shares during the last quarter. Global Retirement Partners LLC bought a new stake in Argan in the 4th quarter worth approximately $35,000. Finally, McIlrath & Eck LLC increased its stake in Argan by 419.4% in the 4th quarter. McIlrath & Eck LLC now owns 374 shares of the construction company's stock worth $51,000 after acquiring an additional 302 shares during the last quarter. Institutional investors own 79.43% of the company's stock.

Argan Company Profile

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.