Argan (NYSE:AGX) Trading Down 8.9% on Insider Selling

Argan, Inc. (NYSE:AGX - Get Free Report) shares fell 8.9% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $133.00 and last traded at $133.00. 166,364 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 296,103 shares. The stock had previously closed at $146.00.

Specifically, CEO David Hibbert Watson sold 500 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $139.89, for a total transaction of $69,945.00. Following the completion of the sale, the chief executive officer now directly owns 68,636 shares of the company's stock, valued at $9,601,490.04. This represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter W. Getsinger sold 5,000 shares of Argan stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $145.03, for a total transaction of $725,150.00. Following the completion of the transaction, the director now owns 11,496 shares in the company, valued at approximately $1,667,264.88. This trade represents a 30.31 % decrease in their position. The disclosure for this sale can be found here. In other news, Director Peter W. Getsinger sold 2,292 shares of the firm's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $150.35, for a total transaction of $344,602.20. Following the completion of the sale, the director now directly owns 9,500 shares of the company's stock, valued at $1,428,325. This trade represents a 19.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital upgraded Argan from a "hold" rating to a "buy" rating and set a $150.00 price target for the company in a research report on Friday, March 28th.

Argan Price Performance

The stock's fifty day moving average price is $129.74 and its 200-day moving average price is $140.10. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 30.94 and a beta of 0.45.

Argan (NYSE:AGX - Get Free Report) last issued its quarterly earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $1.07. The business had revenue of $232.47 million for the quarter, compared to the consensus estimate of $197.50 million. Argan had a return on equity of 21.66% and a net margin of 8.20%. The company's quarterly revenue was up 41.3% compared to the same quarter last year.

Argan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd will be given a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date of this dividend is Tuesday, April 22nd. Argan's dividend payout ratio (DPR) is 24.55%.

Institutional Trading of Argan

Several institutional investors have recently made changes to their positions in the stock. Barclays PLC lifted its position in Argan by 46.6% in the 3rd quarter. Barclays PLC now owns 66,341 shares of the construction company's stock worth $6,728,000 after buying an additional 21,094 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Argan by 0.5% during the third quarter. Geode Capital Management LLC now owns 287,246 shares of the construction company's stock worth $29,141,000 after acquiring an additional 1,553 shares in the last quarter. Franklin Resources Inc. grew its stake in Argan by 51.0% in the third quarter. Franklin Resources Inc. now owns 22,406 shares of the construction company's stock valued at $2,273,000 after purchasing an additional 7,564 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in Argan in the 3rd quarter worth about $6,687,000. Finally, Principal Financial Group Inc. purchased a new stake in shares of Argan during the 3rd quarter worth about $1,373,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

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.