Argan (NYSE:AGX) Shares Down 5.5% on Insider Selling

Argan, Inc. (NYSE:AGX)’s share price traded down 5.5% on Friday following insider selling activity. The stock traded as low as $193.82 and last traded at $194.94. 172,299 shares were traded during trading, a decline of 50% from the average session volume of 342,314 shares. The stock had previously closed at $206.22.

Specifically, Director Cynthia Flanders sold 15,000 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $220.47, for a total value of $3,307,050.00. Following the transaction, the director now owns 33,428 shares of the company’s stock, valued at $7,369,871.16. This represents a 30.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analysts Set New Price Targets

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

Argan Price Performance

The company has a market capitalization of $2.77 billion, a P/E ratio of 28.44 and a beta of 0.55. The stock’s 50 day moving average is $183.66 and its 200-day moving average is $155.29.

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

Argan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Wednesday, July 23rd will be paid a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date is Wednesday, July 23rd. Argan’s dividend payout ratio is 21.04%.

Hedge Funds Weigh In On Argan

Hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC bought a new position in Argan in the 4th quarter worth about $32,000. Larson Financial Group LLC increased its position in shares of Argan by 2,987.5% during the first quarter. Larson Financial Group LLC now owns 247 shares of the construction company’s stock valued at $32,000 after acquiring an additional 239 shares in the last quarter. Global Retirement Partners LLC bought a new stake in shares of Argan during the fourth quarter valued at approximately $35,000. McIlrath & Eck LLC increased its position in shares of Argan by 419.4% during the fourth quarter. McIlrath & Eck LLC now owns 374 shares of the construction company’s stock valued at $51,000 after acquiring an additional 302 shares in the last quarter. Finally, Truvestments Capital LLC bought a new stake in shares of Argan during the fourth quarter valued at approximately $57,000. 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.