Insider Selling: Argan (NYSE:AGX) Director Sells $584,000.00 in Stock

Argan, Inc. (NYSE:AGX) Director Peter Getsinger sold 2,000 shares of the stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $292.00, for a total value of $584,000.00. Following the sale, the director owned 16,390 shares of the company’s stock, valued at $4,785,880. This represents a 10.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Argan Trading Up 2.9%

NYSE:AGX opened at $275.35 on Friday. Argan, Inc. has a 12-month low of $101.02 and a 12-month high of $320.00. The stock has a 50-day moving average price of $251.31 and a 200 day moving average price of $215.22. The stock has a market capitalization of $3.80 billion, a P/E ratio of 33.09 and a beta of 0.64.

Argan (NYSE:AGX) last released its earnings results on Thursday, September 4th. The construction company reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.51. Argan had a return on equity of 32.61% and a net margin of 12.73%.The firm had revenue of $237.74 million during the quarter, compared to analysts’ expectations of $243.97 million. During the same quarter last year, the business posted $1.31 earnings per share. The firm’s revenue was up 4.7% on a year-over-year basis.

Argan Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Thursday, October 23rd will be given a dividend of $0.50 per share. This is an increase from Argan’s previous quarterly dividend of $0.38. This represents a $2.00 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Thursday, October 23rd. Argan’s dividend payout ratio (DPR) is 18.03%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on AGX shares. Zacks Research upgraded Argan from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 14th. UBS Group set a $315.00 price target on Argan in a report on Monday, October 13th. JPMorgan Chase & Co. upgraded Argan from a “neutral” rating to an “overweight” rating and raised their price target for the company from $220.00 to $315.00 in a report on Monday, October 13th. Weiss Ratings restated a “buy (b)” rating on shares of Argan in a report on Wednesday, October 8th. Finally, Lake Street Capital raised their price target on Argan from $236.00 to $260.00 and gave the company a “buy” rating in a report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Argan presently has an average rating of “Moderate Buy” and a consensus target price of $258.20.

Hedge Funds Weigh In On Argan

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Silver Oak Wealth Advisors Services LLC purchased a new position in shares of Argan in the 3rd quarter worth approximately $216,000. SG Americas Securities LLC boosted its holdings in shares of Argan by 721.8% in the 3rd quarter. SG Americas Securities LLC now owns 7,881 shares of the construction company’s stock worth $2,128,000 after purchasing an additional 6,922 shares during the period. Spire Wealth Management purchased a new position in shares of Argan in the 3rd quarter worth approximately $794,000. Strategic Blueprint LLC purchased a new position in shares of Argan in the 3rd quarter worth approximately $383,000. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Argan by 11.8% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 7,883 shares of the construction company’s stock worth $2,129,000 after purchasing an additional 833 shares during the period. Hedge funds and other 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.