Argan (NYSE:AGX) Sets New 52-Week High at $80.20

Argan, Inc. (NYSE:AGX)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $80.20 and last traded at $79.87, with a volume of 92592 shares changing hands. The stock had previously closed at $77.55.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Lake Street Capital lifted their price target on Argan from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, June 7th. StockNews.com downgraded Argan from a “strong-buy” rating to a “buy” rating in a report on Friday, June 7th.

Argan Stock Performance

The company has a market capitalization of $1.06 billion, a PE ratio of 27.62 and a beta of 0.51. The company’s 50-day simple moving average is $73.92 and its 200-day simple moving average is $59.92.

Argan (NYSE:AGX) last released its quarterly earnings results on Thursday, June 6th. The construction company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.52 by $0.06. The business had revenue of $157.70 million during the quarter, compared to analysts’ expectations of $134.75 million. Argan had a return on equity of 13.22% and a net margin of 6.08%. The company’s quarterly revenue was up 52.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.05) earnings per share.

Argan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Tuesday, July 23rd will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Tuesday, July 23rd. Argan’s dividend payout ratio (DPR) is 42.70%.

Insider Activity

In related news, Director Rainer H. Bosselmann sold 4,500 shares of the company’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $77.11, for a total transaction of $346,995.00. Following the transaction, the director now owns 247,719 shares of the company’s stock, valued at $19,101,612.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Rainer H. Bosselmann sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $76.85, for a total transaction of $1,921,250.00. Following the sale, the director now owns 272,719 shares of the company’s stock, valued at approximately $20,958,455.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rainer H. Bosselmann sold 4,500 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $77.11, for a total value of $346,995.00. Following the completion of the sale, the director now owns 247,719 shares in the company, valued at approximately $19,101,612.09. The disclosure for this sale can be found here. Insiders sold 88,039 shares of company stock valued at $6,520,525 in the last three months. 11.85% of the stock is currently owned by company insiders.

Institutional Trading of Argan

A number of institutional investors have recently bought and sold shares of AGX. New York State Teachers Retirement System acquired a new position in shares of Argan during the 4th quarter worth $53,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Argan in the fourth quarter valued at about $64,000. EntryPoint Capital LLC purchased a new stake in shares of Argan in the first quarter valued at about $95,000. CWM LLC increased its stake in shares of Argan by 84.6% during the 2nd quarter. CWM LLC now owns 2,457 shares of the construction company’s stock worth $180,000 after purchasing an additional 1,126 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in shares of Argan during the 2nd quarter worth approximately $251,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

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.