Insider Selling: Argan, Inc. (NYSE:AGX) Chairman Sells $1,044,740.90 in Stock

Argan, Inc. (NYSE:AGX) Chairman William F. Griffin, Jr. sold 13,115 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $79.66, for a total value of $1,044,740.90. Following the completion of the transaction, the chairman now owns 157,604 shares in the company, valued at approximately $12,554,734.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Argan Stock Down 7.1 %

Shares of AGX stock opened at $69.26 on Friday. Argan, Inc. has a 12 month low of $38.41 and a 12 month high of $81.05. The business’s 50 day moving average is $74.24 and its two-hundred day moving average is $60.32. The company has a market cap of $924.62 million, a PE ratio of 24.65 and a beta of 0.51.

Argan (NYSE:AGX) last announced its quarterly earnings results on Thursday, June 6th. The construction company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.52 by $0.06. Argan had a return on equity of 13.22% and a net margin of 6.08%. The company had revenue of $157.70 million for the quarter, compared to the consensus estimate of $134.75 million. During the same quarter last year, the company posted ($0.05) earnings per share. The company’s revenue for the quarter was up 52.1% compared to the same quarter last year.

Argan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Tuesday, July 23rd were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, July 23rd. This represents a $1.20 annualized dividend and a dividend yield of 1.73%. Argan’s payout ratio is 42.70%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on AGX shares. Lake Street Capital increased their price objective on Argan from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, June 7th. StockNews.com downgraded Argan from a “strong-buy” rating to a “buy” rating in a report on Friday, June 7th.

Institutional Investors Weigh In On Argan

Several hedge funds and other institutional investors have recently modified their holdings of AGX. New York State Teachers Retirement System acquired a new stake in shares of Argan in the fourth quarter worth $53,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Argan in the fourth quarter worth $64,000. EntryPoint Capital LLC acquired a new stake in shares of Argan in the first quarter worth $95,000. CWM LLC grew its stake in shares of Argan by 84.6% in the second quarter. CWM LLC now owns 2,457 shares of the construction company’s stock worth $180,000 after acquiring an additional 1,126 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in shares of Argan in the second quarter worth $251,000. 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.