Insider Selling: Argan, Inc. (NYSE:AGX) Director Sells 13,728 Shares of Stock

Argan, Inc. (NYSE:AGX - Get Free Report) Director Rainer H. Bosselmann sold 13,728 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $221.58, for a total transaction of $3,041,850.24. Following the sale, the director now owns 196,723 shares in the company, valued at $43,589,882.34. This trade represents a 6.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Argan Trading Down 1.9%

Shares of NYSE AGX traded down $4.17 during midday trading on Friday, reaching $217.95. The company's stock had a trading volume of 381,612 shares, compared to its average volume of 340,047. Argan, Inc. has a fifty-two week low of $63.53 and a fifty-two week high of $246.60. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of 45.60 and a beta of 0.55. The stock has a 50 day simple moving average of $175.94 and a 200-day simple moving average of $153.37.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings data on Wednesday, June 4th. The construction company reported $1.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.51. Argan had a net margin of 8.20% and a return on equity of 21.66%. The company had revenue of $193.66 million for the quarter, compared to the consensus estimate of $193.75 million. During the same period last year, the company earned $0.58 earnings per share. The firm's revenue was up 22.8% compared to the same quarter last year.

Argan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Tuesday, April 22nd were paid a $0.375 dividend. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a $1.50 annualized dividend and a dividend yield of 0.69%. Argan's dividend payout ratio is presently 21.04%.

Hedge Funds Weigh In On Argan

Several hedge funds and other institutional investors have recently made changes to their positions in AGX. Balyasny Asset Management L.P. bought a new position in shares of Argan in the fourth quarter valued at $23,064,000. Goodlander Investment Management LLC bought a new position in shares of Argan in the first quarter valued at $18,364,000. Renaissance Technologies LLC grew its stake in shares of Argan by 21.0% in the fourth quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company's stock valued at $92,170,000 after buying an additional 116,783 shares in the last quarter. Thames Capital Management LLC grew its stake in shares of Argan by 286.8% in the fourth quarter. Thames Capital Management LLC now owns 117,384 shares of the construction company's stock valued at $16,086,000 after buying an additional 87,038 shares in the last quarter. Finally, Pacer Advisors Inc. bought a new position in shares of Argan in the first quarter valued at $11,307,000. 79.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Lake Street Capital lifted their price objective on shares of Argan from $150.00 to $236.00 and gave the company a "buy" rating in a report on Thursday, June 5th. Kepler Capital Markets downgraded shares of Argan from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 28th.

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.