Argan (NYSE:AGX) Sets New 12-Month High at $62.19

Argan, Inc. (NYSE:AGX) reached a new 52-week high on Friday . The stock traded as high as $62.19 and last traded at $61.40, with a volume of 32226 shares traded. The stock had previously closed at $60.69.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Lake Street Capital lifted their price target on Argan from $61.00 to $70.00 and gave the company a “buy” rating in a report on Friday, April 12th. StockNews.com upgraded shares of Argan from a “buy” rating to a “strong-buy” rating in a report on Monday, April 15th.

Argan Trading Up 2.0 %

The firm has a market capitalization of $819.82 million, a PE ratio of 25.91 and a beta of 0.49. The firm has a 50-day moving average of $50.04 and a two-hundred day moving average of $47.15.

Argan (NYSE:AGX) last released its quarterly earnings data on Thursday, April 11th. The construction company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.14. The company had revenue of $164.55 million for the quarter, compared to the consensus estimate of $162.05 million. Argan had a return on equity of 11.37% and a net margin of 5.64%. The company’s quarterly revenue was up 38.5% compared to the same quarter last year. During the same period last year, the business posted ($0.46) EPS.

Argan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Monday, April 22nd will be given a dividend of $0.30 per share. The ex-dividend date is Friday, April 19th. This represents a $1.20 dividend on an annualized basis and a yield of 1.94%. Argan’s dividend payout ratio (DPR) is 50.21%.

Insider Transactions at Argan

In related news, Chairman William F. Griffin, Jr. sold 15,000 shares of Argan stock in a transaction on Friday, April 12th. The shares were sold at an average price of $59.99, for a total transaction of $899,850.00. Following the transaction, the chairman now owns 14,150 shares in the company, valued at approximately $848,858.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Argan news, CFO Richard H. Deily sold 6,256 shares of the stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $61.15, for a total value of $382,554.40. Following the completion of the sale, the chief financial officer now owns 8,185 shares of the company’s stock, valued at $500,512.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman William F. Griffin, Jr. sold 15,000 shares of Argan stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $59.99, for a total transaction of $899,850.00. Following the sale, the chairman now owns 14,150 shares in the company, valued at approximately $848,858.50. The disclosure for this sale can be found here. Insiders sold 34,399 shares of company stock valued at $2,073,219 over the last 90 days. Corporate insiders own 11.53% of the company’s stock.

Institutional Investors Weigh In On Argan

A number of large investors have recently added to or reduced their stakes in AGX. Cardinal Capital Management boosted its position in Argan by 1.0% in the 4th quarter. Cardinal Capital Management now owns 22,904 shares of the construction company’s stock valued at $1,072,000 after buying an additional 237 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Argan by 3.3% in the fourth quarter. Exchange Traded Concepts LLC now owns 8,904 shares of the construction company’s stock worth $417,000 after acquiring an additional 282 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Argan by 4.3% in the second quarter. Legal & General Group Plc now owns 6,903 shares of the construction company’s stock worth $258,000 after acquiring an additional 287 shares in the last quarter. Pinnacle Holdings LLC grew its stake in Argan by 1.3% during the 1st quarter. Pinnacle Holdings LLC now owns 25,159 shares of the construction company’s stock valued at $1,021,000 after purchasing an additional 333 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Argan by 1.8% during the 3rd quarter. Rhumbline Advisers now owns 22,978 shares of the construction company’s stock valued at $1,046,000 after purchasing an additional 417 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

About Argan

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, technical, and consulting services to the power generation market. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments.