Argan (NYSE:AGX) Hits New 52-Week High - What's Next?

Shares of Argan, Inc. (NYSE:AGX - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $173.82 and last traded at $170.03, with a volume of 89583 shares changing hands. The stock had previously closed at $156.05.

Analysts Set New Price Targets

A number of analysts recently commented on AGX shares. Lake Street Capital lowered Argan from a "buy" rating to a "hold" rating and lifted their price target for the stock from $85.00 to $150.00 in a report on Tuesday, December 3rd. StockNews.com cut Argan from a "buy" rating to a "hold" rating in a research note on Tuesday, October 29th. Finally, CJS Securities restated a "market perform" rating and set a $150.00 price target on shares of Argan in a research report on Friday, December 6th.

Argan Stock Up 7.4 %

The firm has a 50 day moving average of $148.58 and a 200 day moving average of $110.85. The firm has a market cap of $2.28 billion, a PE ratio of 35.07 and a beta of 0.56.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings results on Thursday, December 5th. The construction company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.74. Argan had a return on equity of 21.66% and a net margin of 8.20%. The company had revenue of $257.00 million during the quarter, compared to the consensus estimate of $225.60 million. The business's revenue was up 56.9% compared to the same quarter last year.

Argan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Thursday, January 23rd will be given a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend is Thursday, January 23rd. Argan's dividend payout ratio (DPR) is currently 31.38%.

Insider Activity at Argan

In other news, Director Rainer H. Bosselmann sold 10,105 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $130.10, for a total value of $1,314,660.50. Following the sale, the director now directly owns 219,879 shares of the company's stock, valued at approximately $28,606,257.90. This represents a 4.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Richard H. Deily sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $150.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now directly owns 9,367 shares of the company's stock, valued at approximately $1,405,050. This represents a 17.59 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,703 shares of company stock worth $3,677,544. Corporate insiders own 11.85% of the company's stock.

Institutional Investors Weigh In On Argan

Several large investors have recently added to or reduced their stakes in the business. CWA Asset Management Group LLC lifted its position in Argan by 16.0% during the fourth quarter. CWA Asset Management Group LLC now owns 16,663 shares of the construction company's stock valued at $2,284,000 after purchasing an additional 2,303 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Argan by 70.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 37,819 shares of the construction company's stock worth $3,836,000 after acquiring an additional 15,681 shares during the last quarter. Principal Financial Group Inc. purchased a new position in Argan in the third quarter worth $1,373,000. Lord Abbett & CO. LLC purchased a new stake in Argan during the third quarter valued at about $6,687,000. Finally, Franklin Resources Inc. lifted its stake in Argan by 51.0% during the third quarter. Franklin Resources Inc. now owns 22,406 shares of the construction company's stock worth $2,273,000 after purchasing an additional 7,564 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.