Peter Getsinger Sells 1,000 Shares of Argan (NYSE:AGX) Stock

Key Points

• Director Peter Getsinger sold 1,000 shares of Argan, Inc. (NYSE: AGX) at an average price of $264.54, reducing his ownership by 7.75%.
• Argan recently reported earnings per share (EPS) of $2.50, beating analysts' expectations of $1.99, along with a 4.7% year-over-year revenue increase.
• The company announced a quarterly dividend of $0.50 per share, up from the previous dividend of $0.38, reflecting a 0.8% yield.

Argan, Inc. (NYSE:AGX - Get Free Report) Director Peter Getsinger sold 1,000 shares of the business's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $264.54, for a total value of $264,540.00. Following the sale, the director owned 11,896 shares in the company, valued at approximately $3,146,967.84. The trade was a 7.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Argan Stock Performance

Argan stock traded down $2.73 during midday trading on Tuesday, hitting $265.62. 280,384 shares of the company's stock were exchanged, compared to its average volume of 438,089. Argan, Inc. has a 52-week low of $93.26 and a 52-week high of $270.12. The stock has a 50-day moving average price of $229.38 and a two-hundred day moving average price of $192.37. The company has a market cap of $3.67 billion, a P/E ratio of 31.92 and a beta of 0.62.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings data on Thursday, September 4th. The construction company reported $2.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.99 by $0.51. The firm had revenue of $237.74 million during 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 for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business earned $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 issued a dividend of $0.50 per share. The ex-dividend date is Thursday, October 23rd. This represents a $2.00 annualized dividend and a yield of 0.8%. This is a boost from Argan's previous quarterly dividend of $0.38. Argan's dividend payout ratio (DPR) is currently 18.03%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. raised its position in shares of Argan by 89.1% in the 2nd quarter. Osaic Holdings Inc. now owns 11,146 shares of the construction company's stock worth $2,458,000 after acquiring an additional 5,251 shares in the last quarter. Orion Porfolio Solutions LLC bought a new position in shares of Argan in the 2nd quarter worth approximately $660,000. Squarepoint Ops LLC bought a new position in shares of Argan in the 2nd quarter worth approximately $3,503,000. Ranger Investment Management L.P. bought a new position in shares of Argan in the 2nd quarter worth approximately $2,948,000. Finally, Advisory Services Network LLC raised its position in shares of Argan by 174.7% in the 2nd quarter. Advisory Services Network LLC now owns 6,711 shares of the construction company's stock worth $1,480,000 after acquiring an additional 4,268 shares in the last quarter. Institutional investors own 79.43% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AGX. Lake Street Capital increased their target price on Argan from $236.00 to $260.00 and gave the company a "buy" rating in a report on Friday, September 5th. Kepler Capital Markets cut Argan from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 28th. JPMorgan Chase & Co. began coverage on Argan in a report on Monday, July 21st. They set a "neutral" rating and a $220.00 target price for the company. Wall Street Zen upgraded Argan from a "hold" rating to a "buy" rating in a report on Friday, September 5th. Finally, Glj Research started coverage on Argan in a report on Monday. They set a "hold" rating and a $251.00 target price for the company. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $220.25.

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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