Argan (NYSE:AGX) Sets New 1-Year High - Here's What Happened

Argan, Inc. (NYSE:AGX - Get Free Report) shares hit a new 52-week high on Wednesday . The stock traded as high as $136.02 and last traded at $135.82, with a volume of 115678 shares. The stock had previously closed at $133.07.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Argan from a "buy" rating to a "hold" rating in a report on Tuesday.

Argan Stock Performance

The company's 50-day moving average price is $99.55 and its 200 day moving average price is $80.71. The stock has a market capitalization of $1.84 billion, a PE ratio of 43.09 and a beta of 0.53.

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

Argan Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Wednesday, October 23rd will be given a dividend of $0.375 per share. The ex-dividend date is Wednesday, October 23rd. This is an increase from Argan's previous quarterly dividend of $0.30. This represents a $1.50 dividend on an annualized basis and a yield of 1.10%. Argan's dividend payout ratio is 47.17%.

Insider Buying and Selling at Argan

In related news, Director William F. Leimkuhler sold 10,000 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $96.20, for a total value of $962,000.00. Following the sale, the director now owns 35,852 shares in the company, valued at $3,448,962.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director William F. Leimkuhler sold 10,000 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $96.20, for a total transaction of $962,000.00. Following the completion of the transaction, the director now directly owns 35,852 shares of the company's stock, valued at $3,448,962.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Cynthia Flanders sold 5,000 shares of the business's stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $96.39, for a total transaction of $481,950.00. Following the completion of the sale, the director now directly owns 17,332 shares of the company's stock, valued at approximately $1,670,631.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,703 shares of company stock valued at $4,257,794 in the last quarter. 11.85% of the stock is owned by insiders.

Hedge Funds Weigh In On Argan

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its holdings in Argan by 31.8% in the 2nd quarter. American Century Companies Inc. now owns 305,298 shares of the construction company's stock valued at $22,336,000 after purchasing an additional 73,658 shares during the last quarter. Hood River Capital Management LLC purchased a new stake in Argan during the second quarter worth about $5,245,000. Sapient Capital LLC purchased a new stake in Argan during the 3rd quarter worth approximately $4,783,000. Deprince Race & Zollo Inc. purchased a new position in Argan in the 2nd quarter valued at approximately $3,168,000. Finally, Marshall Wace LLP acquired a new position in Argan during the 2nd quarter worth $3,166,000. Institutional investors and hedge funds 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.