Argan (NYSE:AGX) Hits New 52-Week High - Here's Why

Argan, Inc. (NYSE:AGX - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $142.46 and last traded at $142.24, with a volume of 58049 shares traded. The stock had previously closed at $136.64.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of Argan from a "buy" rating to a "hold" rating in a research note on Tuesday, October 29th.

Argan Price Performance

The stock has a 50-day moving average of $105.70 and a 200-day moving average of $83.39. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of 44.54 and a beta of 0.49.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The construction company reported $1.31 EPS for the quarter, beating analysts' consensus estimates of $0.97 by $0.34. The business had revenue of $227.02 million during the quarter, compared to the consensus estimate of $191.05 million. Argan had a return on equity of 14.80% and a net margin of 6.11%. The company's revenue for the quarter was up 60.6% on a year-over-year basis.

Argan Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 23rd were issued a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date was Wednesday, October 23rd. This is an increase from Argan's previous quarterly dividend of $0.30. Argan's dividend payout ratio (DPR) is currently 47.17%.

Insider Activity

In related news, Director James W. Quinn sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $89.68, for a total transaction of $896,800.00. Following the completion of the transaction, the director now directly owns 70,422 shares in the company, valued at $6,315,444.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related 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 transaction of $896,800.00. Following the sale, the director now owns 70,422 shares in the company, valued at $6,315,444.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Cynthia Flanders sold 5,000 shares of the business's stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $96.39, for a total value of $481,950.00. Following the sale, the director now owns 17,332 shares in the company, valued at approximately $1,670,631.48. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,703 shares of company stock worth $4,257,794. Insiders own 11.85% of the company's stock.

Hedge Funds Weigh In On Argan

Large investors have recently modified their holdings of the business. Victory Capital Management Inc. increased its stake in shares of Argan by 279.4% in the third quarter. Victory Capital Management Inc. now owns 13,635 shares of the construction company's stock valued at $1,383,000 after buying an additional 10,041 shares during the period. Prime Capital Investment Advisors LLC increased its position in Argan by 1.8% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 4,796 shares of the construction company's stock valued at $486,000 after purchasing an additional 86 shares during the period. Entropy Technologies LP raised its holdings in Argan by 108.6% during the 3rd quarter. Entropy Technologies LP now owns 7,104 shares of the construction company's stock worth $721,000 after purchasing an additional 3,699 shares during the last quarter. Peregrine Asset Advisers Inc. acquired a new position in shares of Argan in the 3rd quarter worth approximately $379,000. Finally, Los Angeles Capital Management LLC boosted its stake in shares of Argan by 357.3% in the 3rd quarter. Los Angeles Capital Management LLC now owns 34,639 shares of the construction company's stock valued at $3,513,000 after purchasing an additional 27,064 shares during the last quarter. 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.