Insider Selling: Argan (NYSE:AGX) Director Sells 11,802 Shares of Stock

Key Points

• Director William Leimkuhler sold 11,802 shares of Argan, Inc. stock for a total of $3,242,363.46, reducing his holdings by 23.31%.
• Argan, Inc. announced a quarterly dividend of $0.50 per share, representing an increase from the previous $0.38 dividend, with a payout ratio of 18.03%.
• Institutional investors now own 79.43% of Argan's stock, indicating increasing interest from market players.

Argan, Inc. (NYSE:AGX - Get Free Report) Director William Leimkuhler sold 11,802 shares of Argan stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $274.73, for a total value of $3,242,363.46. Following the completion of the sale, the director owned 38,834 shares of the company's stock, valued at $10,668,864.82. This trade represents a 23.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Argan Stock Up 3.3%

Shares of NYSE AGX traded up $8.79 during midday trading on Wednesday, hitting $278.84. The stock had a trading volume of 318,735 shares, compared to its average volume of 444,963. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of 33.51 and a beta of 0.64. Argan, Inc. has a 1-year low of $100.20 and a 1-year high of $279.95. The company has a fifty day moving average price of $236.43 and a 200 day moving average price of $198.22.

Argan (NYSE:AGX - Get Free Report) last released its quarterly earnings data on Thursday, September 4th. The construction company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.51. The business had revenue of $237.74 million for the quarter, compared to analyst estimates 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 period in the previous year, the company posted $1.31 EPS.

Argan Increases Dividend

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

Hedge Funds Weigh In On Argan

A number of institutional investors have recently made changes to their positions in AGX. Larson Financial Group LLC raised its position in shares of 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 purchasing an additional 239 shares in the last quarter. Mark Sheptoff Financial Planning LLC acquired a new position in shares of Argan in the 2nd quarter valued at approximately $44,000. IFP Advisors Inc acquired a new position in shares of Argan in the 2nd quarter valued at approximately $71,000. EverSource Wealth Advisors LLC raised its position in shares of 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 Wyoming acquired a new position in shares of Argan in the 1st quarter valued at approximately $109,000. 79.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AGX has been the topic of several research analyst reports. Lake Street Capital lifted their price objective 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 report on Friday, September 5th. Glj Research started coverage on Argan in a research report on Monday, September 22nd. They set a "hold" rating and a $251.00 price target on the stock. Finally, JPMorgan Chase & Co. started coverage on Argan in a research report on Monday, July 21st. They set a "neutral" rating and a $220.00 price target on the stock. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Argan currently has an average rating of "Hold" and an average 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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