Key Points
- Director Cynthia Flanders sold 19,000 shares on Jan. 21 at an average price of $386.70, generating about $7.35 million and cutting her stake by 42.03% to 26,207 shares.
- Argan declared a quarterly dividend of $0.50 per share (annualized $2.00) with an ex-dividend date of Jan. 22 and payment on Jan. 30, implying a yield of about 0.6%.
- The company reported quarterly EPS of $2.17 (above the $1.82 estimate) while revenue was essentially flat, and analysts have an average target of $355.20 with a consensus rating of “Moderate Buy.”
Argan, Inc. (NYSE:AGX - Get Free Report) Director Cynthia Flanders sold 19,000 shares of the company's stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $386.70, for a total value of $7,347,300.00. Following the completion of the sale, the director owned 26,207 shares of the company's stock, valued at $10,134,246.90. This trade represents a 42.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Argan Stock Performance
Shares of AGX stock opened at $363.44 on Friday. Argan, Inc. has a 1 year low of $101.02 and a 1 year high of $400.00. The business's fifty day moving average is $340.77 and its 200-day moving average is $284.28. The stock has a market cap of $5.04 billion, a PE ratio of 42.81 and a beta of 0.64.
Argan (NYSE:AGX - Get Free Report) last announced its quarterly earnings data on Thursday, December 4th. The construction company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.35. The business had revenue of $251.15 million during the quarter, compared to analyst estimates of $251.50 million. Argan had a return on equity of 31.38% and a net margin of 13.11%.The company's revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.00 earnings per share.
Argan Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Thursday, January 22nd will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, January 22nd. This represents a $2.00 annualized dividend and a dividend yield of 0.6%. Argan's dividend payout ratio (DPR) is 23.56%.
Wall Street Analyst Weigh In
Several analysts recently commented on the stock. Weiss Ratings reissued a "buy (b+)" rating on shares of Argan in a research note on Wednesday, December 24th. Lake Street Capital lowered shares of Argan from a "buy" rating to a "hold" rating and lifted their price target for the stock from $260.00 to $325.00 in a research report on Friday, December 5th. UBS Group set a $315.00 price target on Argan in a report on Monday, October 13th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $370.00 price objective (up from $315.00) on shares of Argan in a research note on Monday, December 1st. Finally, Glj Research upgraded Argan from a "hold" rating to a "buy" rating and lifted their target price for the stock from $251.00 to $369.00 in a report on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $355.20.
Get Our Latest Stock Report on AGX
Institutional Investors Weigh In On Argan
Large investors have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd acquired a new position in Argan in the 3rd quarter worth approximately $25,000. Danske Bank A S purchased a new stake in shares of Argan in the third quarter valued at $27,000. Accredited Wealth Management LLC acquired a new stake in shares of Argan in the third quarter worth $32,000. USA Financial Formulas acquired a new stake in shares of Argan in the fourth quarter worth $40,000. Finally, National Bank of Canada FI grew its holdings in shares of Argan by 26.7% during the third quarter. National Bank of Canada FI now owns 147 shares of the construction company's stock valued at $40,000 after buying an additional 31 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.
Argan Company Profile
(
Get Free Report)
Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.
The company's principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.
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