Argan (NYSE:AGX) Trading Down 4.1% Following Insider Selling

Argan, Inc. (NYSE:AGX)’s share price dropped 4.1% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $123.40 and last traded at $124.02. Approximately 131,621 shares traded hands during trading, a decline of 16% from the average daily volume of 155,930 shares. The stock had previously closed at $129.30.

Specifically, Director Rainer H. Bosselmann sold 10,105 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $130.10, for a total transaction of $1,314,660.50. Following the sale, the director now directly owns 219,879 shares of the company’s stock, valued at $28,606,257.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Rainer H. Bosselmann sold 4,598 shares of the company’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $131.01, for a total value of $602,383.98. Following the sale, the director now owns 236,745 shares in the company, valued at approximately $31,015,962.45. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Argan Stock Down 3.7 %

The company has a 50-day moving average price of $95.13 and a two-hundred day moving average price of $78.39. The stock has a market capitalization of $1.63 billion, a P/E ratio of 37.90 and a beta of 0.53.

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

Argan Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Wednesday, October 23rd will be given a dividend of $0.375 per share. The ex-dividend date is Wednesday, October 23rd. This is a boost from Argan’s previous quarterly dividend of $0.30. This represents a $1.50 annualized dividend and a dividend yield of 1.24%. Argan’s dividend payout ratio is currently 37.74%.

Institutional Investors Weigh In On Argan

Hedge funds and other institutional investors have recently modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Argan in the third quarter worth approximately $43,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Argan during the second quarter valued at approximately $41,000. Copeland Capital Management LLC bought a new position in Argan during the third quarter valued at approximately $56,000. nVerses Capital LLC bought a new position in Argan during the third quarter valued at approximately $91,000. Finally, Point72 DIFC Ltd bought a new position in Argan during the second quarter valued at approximately $70,000. 79.43% of the stock is currently owned by institutional investors.

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.