Insider Selling: Argan (NYSE:AGX) CEO Sells 7,500 Shares of Stock

Key Points

• Argan, Inc. CEO Charles Edwin Iv Collins sold 7,500 shares at an average price of $257.39 for a total of $1,930,425, reducing his ownership by 26.31% to 21,006 shares valued at over $5.4 million.
• The company reported a quarterly earnings per share (EPS) of $2.50, exceeding analysts' expectations of $1.99, while revenue of $237.74 million was slightly below the forecast of $243.97 million.
• Argan recently increased its quarterly dividend from $0.38 to $0.50, with the new dividend set to be paid on October 31st to shareholders of record by October 23rd.

Argan, Inc. (NYSE:AGX - Get Free Report) CEO Charles Edwin Iv Collins sold 7,500 shares of Argan stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $257.39, for a total transaction of $1,930,425.00. Following the completion of the transaction, the chief executive officer owned 21,006 shares of the company's stock, valued at $5,406,734.34. The trade was a 26.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Charles Edwin Iv Collins also recently made the following trade(s):

• On Thursday, July 31st, Charles Edwin Iv Collins sold 5,000 shares of Argan stock. The shares were sold at an average price of $245.00, for a total transaction of $1,225,000.00.
• On Tuesday, July 29th, Charles Edwin Iv Collins sold 1,500 shares of Argan stock. The shares were sold at an average price of $241.50, for a total value of $362,250.00.

Argan Trading Up 3.2%

Shares of NYSE AGX traded up $8.35 during mid-day trading on Monday, hitting $268.99. The company had a trading volume of 297,325 shares, compared to its average volume of 431,394. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of 32.33 and a beta of 0.62. Argan, Inc. has a 1 year low of $93.26 and a 1 year high of $269.35. The stock's 50-day moving average price is $227.57 and its 200-day moving average price is $190.77.

Argan (NYSE:AGX - Get Free Report) last released its quarterly earnings results on Thursday, September 4th. The construction company reported $2.50 EPS for the quarter, beating analysts' consensus estimates of $1.99 by $0.51. Argan had a net margin of 12.73% and a return on equity of 32.61%. The firm had revenue of $237.74 million during the quarter, compared to analyst estimates of $243.97 million. During the same period in the previous year, the business earned $1.31 EPS. The business's revenue for the quarter was up 4.7% on a year-over-year basis.

Argan Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Thursday, October 23rd will be issued a $0.50 dividend. This is an increase from Argan's previous quarterly dividend of $0.38. The ex-dividend date is Thursday, October 23rd. This represents a $2.00 annualized dividend and a yield of 0.7%. Argan's dividend payout ratio (DPR) is 18.03%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Argan from a "hold" rating to a "buy" rating in a research note on Friday, September 5th. Lake Street Capital upped their price objective on Argan from $236.00 to $260.00 and gave the company a "buy" rating in a research report on Friday, September 5th. Kepler Capital Markets cut shares of Argan from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 28th. JPMorgan Chase & Co. began coverage on shares of Argan in a report on Monday, July 21st. They set a "neutral" rating and a $220.00 price objective for the company. Finally, Glj Research initiated coverage on Argan in a research report on Monday. They set a "hold" rating and a $251.00 price objective for the company. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Argan presently has a consensus rating of "Hold" and a consensus price target of $220.25.

Institutional Trading of Argan

Several institutional investors have recently bought and sold shares of AGX. Larson Financial Group LLC grew 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 valued at $32,000 after acquiring an additional 239 shares during the period. Mark Sheptoff Financial Planning LLC acquired a new stake in Argan in the 2nd quarter valued at $44,000. IFP Advisors Inc acquired a new stake in Argan in the 2nd quarter valued at $71,000. EverSource Wealth Advisors LLC grew its position in shares of Argan by 1,116.7% in the second 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 during the period. Finally, State of Wyoming acquired a new stake in Argan in the 1st quarter worth about $109,000. 79.43% of the stock is 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.

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