Argan (NYSE:AGX) Trading Down 6.4% on Insider Selling

Shares of Argan, Inc. (NYSE:AGX) dropped 6.4% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $204.40 and last traded at $206.32. Approximately 118,220 shares changed hands during trading, a decline of 66% from the average daily volume of 347,854 shares. The stock had previously closed at $220.48.

Specifically, Director Peter W. Getsinger sold 3,456 shares of the firm’s stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $212.01, for a total transaction of $732,706.56. Following the transaction, the director owned 14,895 shares in the company, valued at $3,157,888.95. This trade represents a 18.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William F. Leimkuhler sold 7,604 shares of Argan stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $222.03, for a total transaction of $1,688,316.12. Following the completion of the transaction, the director directly owned 50,636 shares in the company, valued at $11,242,711.08. This trade represents a 13.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, Director William F. Leimkuhler sold 4,051 shares of Argan stock in a transaction on Friday, June 27th. The stock was sold at an average price of $221.25, for a total value of $896,283.75. Following the transaction, the director owned 58,240 shares in the company, valued at approximately $12,885,600. This trade represents a 6.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on AGX shares. Lake Street Capital lifted their target price on Argan from $150.00 to $236.00 and gave the company a “buy” rating in a research report on Thursday, June 5th. Kepler Capital Markets cut Argan from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 28th.

Argan Trading Up 0.9%

The firm has a 50-day moving average of $195.90 and a 200 day moving average of $159.30. The company has a market cap of $2.80 billion, a P/E ratio of 28.84 and a beta of 0.54.

Argan (NYSE:AGX) last issued its earnings results on Wednesday, June 4th. The construction company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.51. The business had revenue of $193.66 million for the quarter, compared to analyst estimates of $193.75 million. Argan had a net margin of 11.00% and a return on equity of 29.61%. Argan’s revenue was up 22.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.58 earnings per share.

Argan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Wednesday, July 23rd will be given a $0.375 dividend. The ex-dividend date of this dividend is Wednesday, July 23rd. This represents a $1.50 annualized dividend and a yield of 0.73%. Argan’s payout ratio is 21.04%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AGX. Principal Financial Group Inc. lifted its holdings in Argan by 15.0% during the fourth quarter. Principal Financial Group Inc. now owns 15,566 shares of the construction company’s stock worth $2,133,000 after acquiring an additional 2,027 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Argan by 80.3% during the 4th quarter. Bank of New York Mellon Corp now owns 186,437 shares of the construction company’s stock worth $25,549,000 after purchasing an additional 83,039 shares during the period. Proficio Capital Partners LLC bought a new stake in Argan in the fourth quarter worth about $2,272,000. Private Trust Co. NA bought a new stake in Argan in the fourth quarter worth about $151,000. Finally, Victory Capital Management Inc. raised its position in Argan by 28.5% in the fourth quarter. Victory Capital Management Inc. now owns 17,515 shares of the construction company’s stock worth $2,400,000 after acquiring an additional 3,880 shares during the period. Institutional investors own 79.43% of the company’s stock.

About Argan

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.