Argan (NYSE:AGX) Hits New 1-Year High – Here’s What Happened

Argan, Inc. (NYSE:AGX)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $142.46 and last traded at $142.24, with a volume of 58049 shares traded. The stock had previously closed at $136.64.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of Argan from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th.

Argan Trading Up 3.5 %

The stock’s fifty day moving average is $104.40 and its two-hundred day moving average is $82.83. The firm has a market cap of $1.91 billion, a P/E ratio of 43.64 and a beta of 0.49.

Argan (NYSE:AGX) last posted its quarterly earnings results on Thursday, September 5th. The construction company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.34. Argan had a net margin of 6.11% and a return on equity of 14.80%. The business had revenue of $227.02 million during the quarter, compared to analyst estimates of $191.05 million. Argan’s revenue was up 60.6% on a year-over-year basis.

Argan Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Wednesday, October 23rd were given a $0.375 dividend. This is a positive change from Argan’s previous quarterly dividend of $0.30. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date was Wednesday, October 23rd. Argan’s dividend payout ratio (DPR) is currently 47.17%.

Insider Buying and Selling at Argan

In other news, Director William F. Leimkuhler sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $96.20, for a total value of $962,000.00. Following the completion of the transaction, the director now owns 35,852 shares in the company, valued at $3,448,962.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director William F. Leimkuhler sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $96.20, for a total value of $962,000.00. Following the sale, the director now owns 35,852 shares in the company, valued at $3,448,962.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Rainer H. Bosselmann sold 10,105 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $130.10, for a total transaction of $1,314,660.50. Following the completion of the transaction, the director now owns 219,879 shares in the company, valued at approximately $28,606,257.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 39,703 shares of company stock valued at $4,257,794. 11.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Argan

Hedge funds have recently bought and sold shares of the business. Prime Capital Investment Advisors LLC lifted its holdings in shares of Argan by 1.8% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 4,796 shares of the construction company’s stock valued at $486,000 after buying an additional 86 shares during the period. Entropy Technologies LP lifted its holdings in Argan by 108.6% during the third quarter. Entropy Technologies LP now owns 7,104 shares of the construction company’s stock valued at $721,000 after purchasing an additional 3,699 shares in the last quarter. Peregrine Asset Advisers Inc. purchased a new position in shares of Argan during the 3rd quarter valued at $379,000. Los Angeles Capital Management LLC boosted its stake in shares of Argan by 357.3% in the third quarter. Los Angeles Capital Management LLC now owns 34,639 shares of the construction company’s stock worth $3,513,000 after acquiring an additional 27,064 shares during the period. Finally, Meritage Portfolio Management purchased a new stake in Argan during the 3rd quarter valued at approximately $486,000. Hedge funds and other institutional investors 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.