Argan (NYSE:AGX) Trading Down 3.9% After Insider Selling

Argan, Inc. (NYSE:AGX) fell 3.9% during trading on Thursday following insider selling activity. The stock traded as low as $375.00 and last traded at $381.8850. 93,039 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 341,621 shares. The stock had previously closed at $397.42.

Specifically, Director William F. Leimkuhler sold 11,044 shares of the stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $379.15, for a total value of $4,187,332.60. Following the sale, the director owned 49,939 shares of the company’s stock, valued at $18,934,371.85. This trade represents a 18.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Ronald Jr. Jeffrey sold 2,700 shares of the company’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $380.60, for a total transaction of $1,027,620.00. Following the completion of the transaction, the director owned 13,192 shares of the company’s stock, valued at approximately $5,020,875.20. This trade represents a 16.99% decrease in their position. The SEC filing for this sale provides additional information.

Wall Street Analysts Forecast Growth

AGX has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $370.00 price target (up previously from $315.00) on shares of Argan in a report on Monday, December 1st. The Goldman Sachs Group assumed coverage on Argan in a research report on Tuesday, November 11th. They issued a “buy” rating and a $397.00 target price on the stock. CJS Securities raised Argan to a “hold” rating in a research note on Thursday, December 11th. Weiss Ratings reissued a “buy (b+)” rating on shares of Argan in a research note on Wednesday, December 24th. Finally, Zacks Research upgraded shares of Argan from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $355.20.

Argan Trading Down 4.2%

The business’s fifty day moving average is $340.55 and its 200 day moving average is $283.21. The firm has a market capitalization of $5.28 billion, a P/E ratio of 44.84 and a beta of 0.64.

Argan (NYSE:AGX) last issued its earnings results on Thursday, December 4th. The construction company reported $2.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.35. The firm had revenue of $251.15 million during the quarter, compared to analysts’ expectations of $251.50 million. Argan had a net margin of 13.11% and a return on equity of 31.38%. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the firm posted $2.00 earnings per share.

Argan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Thursday, January 22nd will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Thursday, January 22nd. Argan’s payout ratio is presently 23.56%.

Institutional Investors Weigh In On Argan

A number of institutional investors and hedge funds have recently modified their holdings of the stock. First Trust Advisors LP lifted its holdings in shares of Argan by 69.8% during the third quarter. First Trust Advisors LP now owns 559,466 shares of the construction company’s stock valued at $151,084,000 after purchasing an additional 230,073 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Argan by 0.9% during the third quarter. Dimensional Fund Advisors LP now owns 435,761 shares of the construction company’s stock valued at $117,677,000 after buying an additional 4,027 shares in the last quarter. State Street Corp boosted its holdings in shares of Argan by 1.7% in the second quarter. State Street Corp now owns 324,356 shares of the construction company’s stock worth $71,514,000 after buying an additional 5,575 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Argan by 3.9% in the second quarter. Geode Capital Management LLC now owns 314,453 shares of the construction company’s stock worth $69,339,000 after buying an additional 11,788 shares during the period. Finally, Invesco Ltd. increased its position in shares of Argan by 29.9% in the third quarter. Invesco Ltd. now owns 298,582 shares of the construction company’s stock worth $80,632,000 after acquiring an additional 68,689 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Argan Company Profile

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.