Argan (NYSE:AGX) Trading Up 8% - Here's Why

Argan, Inc. (NYSE:AGX - Get Free Report)'s stock price traded up 8% during mid-day trading on Wednesday . The stock traded as high as $139.25 and last traded at $141.24. 171,938 shares changed hands during trading, a decline of 66% from the average session volume of 504,729 shares. The stock had previously closed at $130.76.

Analyst Ratings Changes

AGX has been the topic of several research analyst reports. StockNews.com lowered Argan from a "buy" rating to a "hold" rating in a research report on Tuesday, October 29th. CJS Securities reiterated a "market perform" rating and issued a $150.00 price target on shares of Argan in a research note on Friday, December 6th. Finally, Lake Street Capital downgraded shares of Argan from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $85.00 to $150.00 in a research report on Tuesday, December 3rd.

Argan Trading Down 0.3 %

The firm has a market capitalization of $2.19 billion, a PE ratio of 33.82 and a beta of 0.56. The company has a fifty day moving average price of $150.71 and a two-hundred day moving average price of $121.70.

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

Argan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Thursday, January 23rd were paid a dividend of $0.375 per share. The ex-dividend date was Thursday, January 23rd. This represents a $1.50 annualized dividend and a dividend yield of 0.93%. Argan's dividend payout ratio (DPR) is 31.38%.

Insider Activity at Argan

In other Argan news, CEO David Hibbert Watson sold 10,000 shares of the business's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $146.05, for a total value of $1,460,500.00. Following the transaction, the chief executive officer now directly owns 51,291 shares of the company's stock, valued at approximately $7,491,050.55. The trade was a 16.32 % decrease in their position. 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 firm's stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $150.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now owns 9,367 shares of the company's stock, valued at $1,405,050. This trade represents a 17.59 % 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 in the last quarter. Company insiders own 11.85% of the company's stock.

Hedge Funds Weigh In On Argan

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Spire Wealth Management acquired a new stake in shares of Argan in the 4th quarter valued at approximately $26,000. Global Retirement Partners LLC acquired a new stake in Argan in the fourth quarter valued at $35,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Argan during the 3rd quarter worth $43,000. Copeland Capital Management LLC acquired a new position in shares of Argan during the 3rd quarter worth $56,000. Finally, nVerses Capital LLC purchased a new position in shares of Argan in the 3rd quarter valued at about $91,000. Institutional investors and hedge funds own 79.43% of the company's stock.

About Argan

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.