Argan (NYSE:AGX) Stock Price Down 5.5% Following Insider Selling

Argan, Inc. (NYSE:AGX - Get Free Report) traded down 5.5% during trading on Friday following insider selling activity. The company traded as low as $193.82 and last traded at $194.94. 172,299 shares changed hands during trading, a decline of 50% from the average session volume of 342,314 shares. The stock had previously closed at $206.22.

Specifically, Director Cynthia Flanders sold 15,000 shares of Argan stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $220.47, for a total value of $3,307,050.00. Following the transaction, the director now owns 33,428 shares of the company's stock, valued at approximately $7,369,871.16. The trade was a 30.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

AGX has been the topic of a number of research reports. Kepler Capital Markets lowered shares of Argan from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 28th. Lake Street Capital lifted their price target on shares of Argan from $150.00 to $236.00 and gave the company a "buy" rating in a research note on Thursday, June 5th.

Argan Price Performance

The stock's 50-day moving average price is $184.75 and its 200 day moving average price is $155.75. The firm has a market cap of $2.84 billion, a P/E ratio of 29.22 and a beta of 0.55.

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

Argan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Wednesday, July 23rd will be issued a dividend of $0.375 per share. The ex-dividend date is Wednesday, July 23rd. This represents a $1.50 dividend on an annualized basis and a yield of 0.72%. Argan's payout ratio is 21.04%.

Hedge Funds Weigh In On Argan

A number of institutional investors have recently added to or reduced their stakes in the company. Invst LLC acquired a new position in Argan during the first quarter worth $538,000. Rhumbline Advisers increased its holdings in shares of Argan by 4.4% in the first quarter. Rhumbline Advisers now owns 19,862 shares of the construction company's stock valued at $2,605,000 after purchasing an additional 846 shares during the last quarter. Anson Funds Management LP increased its holdings in shares of Argan by 6.9% in the first quarter. Anson Funds Management LP now owns 27,128 shares of the construction company's stock valued at $3,558,000 after purchasing an additional 1,741 shares during the last quarter. Strs Ohio acquired a new position in shares of Argan in the first quarter valued at $813,000. Finally, Intech Investment Management LLC increased its holdings in shares of Argan by 37.3% in the first quarter. Intech Investment Management LLC now owns 8,985 shares of the construction company's stock valued at $1,179,000 after purchasing an additional 2,442 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

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.