Argan, Inc. (NYSE:AGX - Get Free Report) CEO Charles Edwin Iv Collins sold 2,500 shares of the firm's stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $610.00, for a total value of $1,525,000.00. Following the sale, the chief executive officer directly owned 30,320 shares of the company's stock, valued at $18,495,200. The trade was a 7.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Charles Edwin Iv Collins also recently made the following trade(s):
- On Tuesday, April 21st, Charles Edwin Iv Collins sold 11,068 shares of Argan stock. The stock was sold at an average price of $621.61, for a total value of $6,879,979.48.
Argan Trading Up 5.7%
Shares of NYSE:AGX opened at $650.28 on Thursday. The business has a 50-day moving average price of $499.43 and a 200 day moving average price of $389.88. The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of 66.76 and a beta of 0.46. Argan, Inc. has a 12-month low of $139.98 and a 12-month high of $651.99.
Argan (NYSE:AGX - Get Free Report) last issued its quarterly earnings data on Thursday, March 26th. The construction company reported $3.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.99 by $1.48. The firm had revenue of $262.05 million during the quarter, compared to the consensus estimate of $255.32 million. Argan had a return on equity of 33.62% and a net margin of 14.59%.The company's quarterly revenue was up 12.7% on a year-over-year basis. During the same period last year, the company earned $2.22 EPS. As a group, equities research analysts predict that Argan, Inc. will post 11.44 earnings per share for the current fiscal year.
Argan Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Wednesday, April 22nd will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Wednesday, April 22nd. Argan's dividend payout ratio (DPR) is presently 20.53%.
Argan declared that its board has authorized a stock repurchase plan on Wednesday, April 8th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the construction company to repurchase up to 2.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.
Hedge Funds Weigh In On Argan
Institutional investors and hedge funds have recently made changes to their positions in the stock. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Argan during the third quarter worth about $14,138,000. Thames Capital Management LLC acquired a new position in shares of Argan during the third quarter worth about $11,175,000. Versor Investments LP acquired a new position in shares of Argan during the third quarter worth about $971,000. Leavell Investment Management Inc. grew its position in shares of Argan by 125.3% during the third quarter. Leavell Investment Management Inc. now owns 12,505 shares of the construction company's stock worth $3,377,000 after buying an additional 6,955 shares in the last quarter. Finally, TD Asset Management Inc acquired a new position in shares of Argan during the third quarter worth about $35,629,000. 79.43% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the company. The Goldman Sachs Group lifted their target price on Argan from $399.00 to $518.00 and gave the company a "buy" rating in a research report on Friday, March 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Argan in a research report on Monday, April 6th. JPMorgan Chase & Co. raised Argan from a "neutral" rating to an "overweight" rating and set a $550.00 target price for the company in a research report on Friday, March 27th. Zacks Research raised Argan from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 31st. Finally, Wall Street Zen raised Argan from a "hold" rating to a "buy" rating in a research report on Saturday, March 28th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Argan has a consensus rating of "Moderate Buy" and a consensus price target of $425.40.
Check Out Our Latest Report on AGX
About Argan
(
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
