Argan, Inc. (NYSE:AGX) CEO David Hibbert Watson Sells 10,000 Shares

Argan, Inc. (NYSE:AGX) CEO David Hibbert Watson sold 10,000 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $146.05, for a total value of $1,460,500.00. Following the transaction, the chief executive officer now directly owns 51,291 shares of the company’s stock, valued at approximately $7,491,050.55. This represents a 16.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Argan Trading Down 0.1 %

AGX stock opened at $139.33 on Monday. The company has a market capitalization of $1.89 billion, a P/E ratio of 29.15 and a beta of 0.53. The business has a 50 day simple moving average of $142.51 and a 200-day simple moving average of $102.83. Argan, Inc. has a twelve month low of $43.44 and a twelve month high of $165.33.

Argan (NYSE:AGX) last issued its quarterly earnings results on Thursday, December 5th. The construction company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.74. The firm had revenue of $257.00 million during the quarter, compared to analysts’ expectations of $225.60 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. The business’s quarterly revenue was up 56.9% on a year-over-year basis.

Argan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Thursday, January 23rd will be given a $0.375 dividend. This represents a $1.50 annualized dividend and a yield of 1.08%. The ex-dividend date of this dividend is Thursday, January 23rd. Argan’s dividend payout ratio (DPR) is presently 31.38%.

Institutional Trading of Argan

Hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its holdings in shares of Argan by 81.8% in the third quarter. Wellington Management Group LLP now owns 911,056 shares of the construction company’s stock valued at $92,408,000 after purchasing an additional 409,948 shares during the period. American Century Companies Inc. increased its stake in Argan by 31.8% in the 2nd quarter. American Century Companies Inc. now owns 305,298 shares of the construction company’s stock valued at $22,336,000 after buying an additional 73,658 shares during the period. Hood River Capital Management LLC purchased a new position in Argan during the 2nd quarter worth $5,245,000. Lord Abbett & CO. LLC acquired a new stake in shares of Argan in the 3rd quarter worth $6,687,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Argan by 72.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 114,224 shares of the construction company’s stock valued at $11,586,000 after acquiring an additional 47,881 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AGX. Lake Street Capital downgraded Argan from a “buy” rating to a “hold” rating and upped their price target for the company from $85.00 to $150.00 in a report on Tuesday, December 3rd. CJS Securities reaffirmed a “market perform” rating and issued a $150.00 target price on shares of Argan in a research report on Friday, December 6th. Finally, StockNews.com downgraded shares of Argan from a “buy” rating to a “hold” rating in a research note on Tuesday, October 29th.

About Argan

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.