Argan, Inc. (NYSE:AGX – Get Free Report) Chairman William Griffin, Jr. sold 50,000 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $643.46, for a total transaction of $32,173,000.00. Following the completion of the sale, the chairman directly owned 90,976 shares of the company’s stock, valued at approximately $58,539,416.96. The trade was a 35.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Argan Stock Performance
Shares of NYSE AGX opened at $690.38 on Wednesday. The firm has a market cap of $9.68 billion, a PE ratio of 60.67 and a beta of 0.59. The firm has a fifty day moving average of $650.54 and a 200 day moving average of $482.75. Argan, Inc. has a one year low of $193.82 and a one year high of $779.00.
Argan (NYSE:AGX – Get Free Report) last issued its quarterly earnings results on Thursday, June 4th. The construction company reported $3.24 EPS for the quarter, topping the consensus estimate of $2.31 by $0.93. The company had revenue of $290.95 million during the quarter, compared to analyst estimates of $256.03 million. Argan had a net margin of 15.48% and a return on equity of 36.89%. The firm’s revenue was up 50.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.60 EPS. On average, equities analysts predict that Argan, Inc. will post 12.6 EPS for the current fiscal year.
Argan Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Thursday, July 23rd will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, July 23rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.3%. Argan’s dividend payout ratio is presently 17.57%.
Institutional Investors Weigh In On Argan
A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Argan by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 827,482 shares of the construction company’s stock valued at $259,267,000 after purchasing an additional 3,068 shares during the period. First Trust Advisors LP grew its holdings in shares of Argan by 32.1% in the first quarter. First Trust Advisors LP now owns 791,353 shares of the construction company’s stock valued at $431,010,000 after purchasing an additional 192,204 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Argan by 2.1% in the first quarter. Renaissance Technologies LLC now owns 610,899 shares of the construction company’s stock valued at $332,726,000 after purchasing an additional 12,300 shares during the period. Maverick Capital Ltd. grew its holdings in shares of Argan by 5.9% in the first quarter. Maverick Capital Ltd. now owns 464,759 shares of the construction company’s stock valued at $253,131,000 after purchasing an additional 25,901 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Argan by 0.9% in the third quarter. Dimensional Fund Advisors LP now owns 435,761 shares of the construction company’s stock valued at $117,677,000 after purchasing an additional 4,027 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.
Analysts Set New Price Targets
AGX has been the subject of a number of research reports. Wall Street Zen raised shares of Argan from a “hold” rating to a “buy” rating in a report on Saturday, March 28th. JPMorgan Chase & Co. raised shares of Argan from a “neutral” rating to an “overweight” rating and set a $550.00 target price for the company in a report on Friday, March 27th. Lake Street Capital upped their target price on shares of Argan from $375.00 to $600.00 and gave the stock a “hold” rating in a report on Friday, June 5th. The Goldman Sachs Group upped their target price on shares of Argan from $399.00 to $518.00 and gave the stock a “buy” rating in a report on Friday, March 27th. Finally, Zacks Research lowered shares of Argan from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 26th. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Argan currently has an average rating of “Moderate Buy” and an average price target of $470.40.
View Our Latest Stock Analysis on AGX
About Argan
Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.
The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.
Featured Stories
- Five stocks we like better than Argan
- Gravity Check: Houston, SpaceX Has a Valuation Problem
- Strategy’s Bitcoin Rally Has a Hidden Engine
- Okta’s AI Moment May Be Bigger Than Investors Realize
- 3 Rate-Ready Stocks for the New Fed Chair’s First Big Test
Receive News & Ratings for Argan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Argan and related companies with MarketBeat.com's FREE daily email newsletter.
