Argan (NYSE:AGX) Director Peter Getsinger Sells 2,000 Shares

Argan, Inc. (NYSE:AGXGet Free Report) Director Peter Getsinger sold 2,000 shares of the stock in a transaction on Friday, October 17th. The shares were sold at an average price of $292.00, for a total value of $584,000.00. Following the sale, the director directly owned 16,390 shares in the company, valued at $4,785,880. This trade represents a 10.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Argan Stock Performance

Shares of NYSE:AGX opened at $281.28 on Wednesday. The firm has a market cap of $3.89 billion, a price-to-earnings ratio of 33.81 and a beta of 0.64. The business has a 50-day simple moving average of $249.62 and a two-hundred day simple moving average of $213.83. Argan, Inc. has a fifty-two week low of $101.02 and a fifty-two week high of $320.00.

Argan (NYSE:AGXGet Free Report) last announced its quarterly earnings results on Thursday, September 4th. The construction company reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.51. The firm had revenue of $237.74 million during the quarter, compared to analyst estimates of $243.97 million. Argan had a net margin of 12.73% and a return on equity of 32.61%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.31 earnings per share.

Argan Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Thursday, October 23rd will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, October 23rd. This is a positive change from Argan’s previous quarterly dividend of $0.38. Argan’s payout ratio is currently 24.04%.

Wall Street Analysts Forecast Growth

AGX has been the subject of several research analyst reports. UBS Group set a $315.00 price objective on Argan in a report on Monday, October 13th. Lake Street Capital raised their target price on Argan from $236.00 to $260.00 and gave the stock a “buy” rating in a research report on Friday, September 5th. Glj Research started coverage on Argan in a research note on Monday, September 22nd. They set a “hold” rating and a $251.00 price target for the company. JPMorgan Chase & Co. upgraded shares of Argan from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $220.00 to $315.00 in a research note on Monday, October 13th. Finally, Zacks Research raised shares of Argan from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $258.20.

Read Our Latest Stock Analysis on Argan

Institutional Trading of Argan

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP increased its holdings in Argan by 14,436.3% in the 2nd quarter. First Trust Advisors LP now owns 329,393 shares of the construction company’s stock worth $72,624,000 after acquiring an additional 327,127 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Argan by 696.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 296,988 shares of the construction company’s stock valued at $65,480,000 after purchasing an additional 259,720 shares in the last quarter. Jupiter Asset Management Ltd. boosted its position in shares of Argan by 1,142.2% in the second quarter. Jupiter Asset Management Ltd. now owns 188,665 shares of the construction company’s stock worth $41,597,000 after purchasing an additional 173,477 shares during the period. Balyasny Asset Management L.P. increased its stake in shares of Argan by 168.9% in the second quarter. Balyasny Asset Management L.P. now owns 253,365 shares of the construction company’s stock worth $55,862,000 after purchasing an additional 159,149 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Argan by 172.5% in the second quarter. Invesco Ltd. now owns 229,893 shares of the construction company’s stock worth $50,687,000 after purchasing an additional 145,516 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Argan Company Profile

(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.

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Insider Buying and Selling by Quarter for Argan (NYSE:AGX)

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