Shares of Argan, Inc. (NYSE:AGX - Get Free Report) traded down 5.1% during mid-day trading on Thursday . The company traded as low as $116.17 and last traded at $119.20. 38,958 shares were traded during trading, a decline of 91% from the average session volume of 452,541 shares. The stock had previously closed at $125.56.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on the stock. Lake Street Capital cut shares of 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 restated a "market perform" rating and set a $150.00 price target on shares of Argan in a report on Friday, December 6th.
View Our Latest Stock Analysis on Argan
Argan Price Performance
The stock's fifty day simple moving average is $146.83 and its 200-day simple moving average is $130.43. The company has a market capitalization of $1.54 billion, a P/E ratio of 23.76 and a beta of 0.58.
Argan (NYSE:AGX - Get Free Report) last released its 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. Argan had a return on equity of 21.66% and a net margin of 8.20%. The business had revenue of $257.00 million for the quarter, compared to the consensus estimate of $225.60 million. Argan's revenue for the quarter was up 56.9% on a year-over-year basis.
Argan Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Thursday, January 23rd were given a $0.375 dividend. The ex-dividend date was Thursday, January 23rd. This represents a $1.50 annualized dividend and a yield of 1.32%. Argan's dividend payout ratio (DPR) is currently 31.38%.
Insiders Place Their Bets
In other Argan news, CFO Richard H. Deily sold 2,000 shares of the stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $150.00, for a total transaction of $300,000.00. Following the sale, the chief financial officer now owns 9,367 shares of the company's stock, valued at $1,405,050. This represents a 17.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter W. Getsinger sold 800 shares of the stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $155.24, for a total transaction of $124,192.00. Following the sale, the director now directly owns 19,177 shares in the company, valued at approximately $2,977,037.48. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,185 shares of company stock worth $3,105,359 over the last 90 days. Corporate insiders own 11.85% of the company's stock.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its position in Argan by 81.8% during the 3rd 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. Vanguard Group Inc. lifted its position in Argan by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 843,583 shares of the construction company's stock valued at $115,605,000 after purchasing an additional 16,784 shares during the period. Renaissance Technologies LLC lifted its position in Argan by 21.0% during the 4th quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company's stock valued at $92,170,000 after purchasing an additional 116,783 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Argan by 5.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 529,052 shares of the construction company's stock valued at $72,502,000 after purchasing an additional 29,062 shares during the period. Finally, American Century Companies Inc. lifted its position in Argan by 18.1% during the 4th quarter. American Century Companies Inc. now owns 480,658 shares of the construction company's stock valued at $65,869,000 after purchasing an additional 73,654 shares during the period. 79.43% of the stock is currently owned by institutional investors and hedge funds.
About Argan
(
Get Free Report)
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.
Further Reading
Before you consider Argan, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Argan wasn't on the list.
While Argan currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
