Argan, Inc. (NYSE:AGX - Get Free Report) Director John Ronald Jr. Jeffrey sold 5,716 shares of Argan stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $579.64, for a total value of $3,313,222.24. Following the completion of the transaction, the director directly owned 2,533 shares of the company's stock, valued at approximately $1,468,228.12. This represents a 69.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Argan Stock Performance
Shares of AGX opened at $618.23 on Wednesday. The stock has a market capitalization of $8.67 billion, a PE ratio of 54.33 and a beta of 0.61. Argan, Inc. has a 1 year low of $197.00 and a 1 year high of $805.75. The company's 50-day simple moving average is $655.80 and its 200-day simple moving average is $562.95.
Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings data on Thursday, June 4th. The construction company reported $3.24 EPS for the quarter, beating the consensus estimate of $2.31 by $0.93. The business had revenue of $290.95 million during the quarter, compared to analyst estimates of $256.03 million. Argan had a net margin of 15.48% and a return on equity of 36.89%. The business's revenue for the quarter was up 50.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.60 earnings per share. On average, sell-side analysts predict that Argan, Inc. will post 12.6 earnings per share for the current year.
Argan Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Thursday, July 23rd were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Thursday, July 23rd. Argan's dividend payout ratio (DPR) is currently 17.57%.
Argan declared that its Board of Directors has approved a stock buyback plan on Wednesday, April 8th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the construction company to reacquire up to 2.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.
Hedge Funds Weigh In On Argan
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC increased its stake in Argan by 2.0% in the first quarter. International Assets Investment Management LLC now owns 775 shares of the construction company's stock valued at $443,000 after purchasing an additional 15 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Argan by 5.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 541 shares of the construction company's stock worth $170,000 after buying an additional 30 shares during the last quarter. Baader Bank Aktiengesellschaft boosted its holdings in shares of Argan by 0.6% in the 1st quarter. Baader Bank Aktiengesellschaft now owns 5,030 shares of the construction company's stock valued at $2,734,000 after buying an additional 30 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Argan by 26.7% in the 3rd 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. Finally, Spirepoint Private Client LLC grew its position in shares of Argan by 3.1% in the 4th quarter. Spirepoint Private Client LLC now owns 1,231 shares of the construction company's stock valued at $386,000 after buying an additional 37 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
AGX has been the subject of a number of recent research reports. Lake Street Capital lifted their target price on Argan from $375.00 to $600.00 and gave the company a "hold" rating in a report on Friday, June 5th. Zacks Research raised Argan from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, June 24th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Argan in a research report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $470.40.
Check Out Our Latest Report on Argan
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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