Argan (NYSE:AGX) Stock Price Down 4.2% – Here’s Why

Argan, Inc. (NYSE:AGX) shares were down 4.2% during mid-day trading on Wednesday . The company traded as low as $154.08 and last traded at $154.08. Approximately 102,121 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 172,690 shares. The stock had previously closed at $160.81.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered Argan from a “buy” rating to a “hold” rating in a research report on Tuesday, October 29th.

Argan Stock Down 3.6 %

The stock’s fifty day simple moving average is $128.87 and its two-hundred day simple moving average is $93.69. The firm has a market cap of $2.09 billion, a PE ratio of 48.76 and a beta of 0.49.

Argan (NYSE:AGX) last posted its quarterly earnings results on Thursday, September 5th. The construction company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.34. Argan had a return on equity of 14.80% and a net margin of 6.11%. The company had revenue of $227.02 million for the quarter, compared to the consensus estimate of $191.05 million. The business’s revenue was up 60.6% compared to the same quarter last year.

Argan Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Wednesday, October 23rd were given a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 0.97%. The ex-dividend date was Wednesday, October 23rd. This is a positive change from Argan’s previous quarterly dividend of $0.30. Argan’s payout ratio is currently 47.17%.

Insider Activity at Argan

In other news, Director James W. Quinn sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $89.68, for a total value of $896,800.00. Following the completion of the transaction, the director now owns 70,422 shares in the company, valued at $6,315,444.96. The trade was a 12.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Rainer H. Bosselmann sold 4,598 shares of the stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $131.01, for a total value of $602,383.98. Following the sale, the director now directly owns 236,745 shares in the company, valued at $31,015,962.45. This trade represents a 1.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 39,703 shares of company stock valued at $4,257,794. 11.85% of the stock is owned by insiders.

Hedge Funds Weigh In On Argan

Several hedge funds and other institutional investors have recently bought and sold shares of AGX. Entropy Technologies LP grew its stake in shares of Argan by 108.6% in the third quarter. Entropy Technologies LP now owns 7,104 shares of the construction company’s stock worth $721,000 after acquiring an additional 3,699 shares during the period. Truist Financial Corp grew its position in Argan by 76.2% in the 2nd quarter. Truist Financial Corp now owns 12,552 shares of the construction company’s stock worth $918,000 after purchasing an additional 5,430 shares during the period. Saturna Capital Corp purchased a new stake in Argan during the 3rd quarter valued at $395,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Argan by 283.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 57,536 shares of the construction company’s stock valued at $5,836,000 after buying an additional 42,527 shares during the period. Finally, Marshall Wace LLP bought a new position in shares of Argan during the 2nd quarter valued at $3,166,000. Institutional investors own 79.43% of the company’s stock.

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.