Argan, Inc. (NYSE:AGX – Get Free Report)’s stock price fell 4.3% on Tuesday . The company traded as low as $450.19 and last traded at $448.9750. Approximately 108,805 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 383,374 shares. The stock had previously closed at $468.98.
Analysts Set New Price Targets
Several brokerages have issued reports on AGX. Zacks Research downgraded Argan from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 7th. Wall Street Zen cut Argan from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings lowered Argan from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Finally, Lake Street Capital lifted their price objective on Argan from $375.00 to $600.00 and gave the stock a “hold” rating in a research report on Friday, June 5th. Four research 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.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $470.40.
Check Out Our Latest Research Report on AGX
Argan Price Performance
Argan (NYSE:AGX – Get Free Report) last announced its quarterly earnings results on Thursday, June 4th. The construction company reported $3.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.93. Argan had a return on equity of 36.89% and a net margin of 15.48%.The company had revenue of $290.95 million during the quarter, compared to the consensus estimate of $256.03 million. During the same period in the prior year, the company earned $1.60 earnings per share. The company’s revenue for the quarter was up 50.2% compared to the same quarter last year. Research analysts expect that Argan, Inc. will post 12.6 earnings per share for the current fiscal year.
Argan Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Thursday, July 23rd were paid a $0.50 dividend. The ex-dividend date was Thursday, July 23rd. This represents a $2.00 annualized dividend and a yield of 0.4%. Argan’s payout ratio is presently 17.57%.
Insiders Place Their Bets
In other Argan news, Chairman William F. Griffin, Jr. sold 20,000 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $760.43, for a total transaction of $15,208,600.00. Following the sale, the chairman directly owned 40,976 shares of the company’s stock, valued at $31,159,379.68. The trade was a 32.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Karen Sweeney sold 300 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $705.00, for a total transaction of $211,500.00. Following the transaction, the director owned 1,548 shares of the company’s stock, valued at approximately $1,091,340. This represents a 16.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 127,973 shares of company stock valued at $87,554,828 over the last 90 days. 2.99% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Argan in the 2nd quarter valued at about $1,764,086,000. M&T Bank Corp bought a new stake in shares of Argan in the 4th quarter valued at about $478,000. Covenant Asset Management LLC acquired a new stake in Argan in the 4th quarter valued at about $2,748,000. Oregon Public Employees Retirement Fund acquired a new stake in Argan in the 1st quarter valued at about $1,728,000. Finally, Thames Capital Management LLC grew its holdings in Argan by 25.2% during the fourth quarter. Thames Capital Management LLC now owns 51,794 shares of the construction company’s stock worth $16,228,000 after purchasing an additional 10,411 shares during the period. 79.43% of the stock is owned by institutional investors and hedge funds.
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.
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