Cynthia Flanders Sells 15,000 Shares of Argan (NYSE:AGX) Stock

Key Points

• Director Cynthia Flanders sold 15,000 shares of Argan stock at an average price of $271.96, resulting in a total sale of approximately $4.08 million, and a significant decrease in her position by 47.73%.
• Argan's stock price increased by 4.9%, reaching $281.82, while the company reported $2.50 earnings per share for the last quarter, surpassing analyst expectations.
• The company announced an increase in its quarterly dividend from $0.38 to $0.50, representing an annualized yield of 0.7%, with the dividend payout ratio currently at 18.03%.

Argan, Inc. (NYSE:AGX - Get Free Report) Director Cynthia Flanders sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $271.96, for a total value of $4,079,400.00. Following the completion of the sale, the director owned 16,428 shares in the company, valued at approximately $4,467,758.88. This represents a 47.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Cynthia Flanders also recently made the following trade(s):

• On Wednesday, July 30th, Cynthia Flanders sold 2,000 shares of Argan stock. The stock was sold at an average price of $234.56, for a total value of $469,120.00.

Argan Stock Up 4.9%

Shares of AGX traded up $13.29 on Wednesday, reaching $281.82. The stock had a trading volume of 271,154 shares, compared to its average volume of 423,135. The firm has a market capitalization of $3.89 billion, a PE ratio of 33.87 and a beta of 0.64. The firm has a 50-day moving average of $239.05 and a 200 day moving average of $202.82. Argan, Inc. has a twelve month low of $101.02 and a twelve month high of $283.35.

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 analysts' consensus estimates of $1.99 by $0.51. The business had revenue of $237.74 million for 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 company's revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.31 EPS.

Argan Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Thursday, October 23rd will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis 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 dividend payout ratio is currently 18.03%.

Institutional Trading of Argan

Institutional investors and hedge funds have recently made changes to their positions in the company. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Argan during the 2nd quarter worth $44,000. Larson Financial Group LLC increased its holdings in shares of Argan by 2,987.5% during the 1st quarter. Larson Financial Group LLC now owns 247 shares of the construction company's stock worth $32,000 after buying an additional 239 shares during the last quarter. IFP Advisors Inc acquired a new stake in Argan in the 2nd quarter valued at $71,000. EverSource Wealth Advisors LLC increased its holdings in Argan by 1,116.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 365 shares of the construction company's stock valued at $80,000 after purchasing an additional 335 shares in the last quarter. Finally, State of Tennessee Department of Treasury acquired a new stake in Argan in the 2nd quarter valued at $129,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AGX. Glj Research began coverage on Argan in a research note on Monday, September 22nd. They issued a "hold" rating and a $251.00 target price on the stock. JPMorgan Chase & Co. began coverage on Argan in a research note on Monday, July 21st. They issued a "neutral" rating and a $220.00 target price on the stock. Lake Street Capital upped their target price on Argan from $236.00 to $260.00 and gave the company a "buy" rating in a research note on Friday, September 5th. Wall Street Zen raised Argan from a "hold" rating to a "buy" rating in a research note on Friday, September 5th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Argan in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $220.25.

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.

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