Insider Selling: Argan, Inc. (NYSE:AGX) Director Sells $1,314,660.50 in Stock

Argan, Inc. (NYSE:AGX) Director Rainer H. Bosselmann sold 10,105 shares of the firm’s stock in a transaction on 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 completion of the transaction, the director now directly owns 219,879 shares of the company’s stock, valued at approximately $28,606,257.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Argan Price Performance

Shares of NYSE AGX opened at $120.53 on Thursday. Argan, Inc. has a 1-year low of $39.74 and a 1-year high of $135.85. The business’s 50 day moving average is $95.13 and its two-hundred day moving average is $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 released its 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. The firm had revenue of $227.02 million for the quarter, compared to the consensus estimate of $191.05 million. Argan had a return on equity of 14.80% and a net margin of 6.11%. The business’s quarterly revenue was up 60.6% on a year-over-year basis.

Argan Increases Dividend

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

Hedge Funds Weigh In On Argan

A number of large investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in Argan in the second quarter worth about $41,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Argan during the 3rd quarter worth approximately $43,000. Copeland Capital Management LLC purchased a new position in Argan during the 3rd quarter valued at $56,000. Point72 DIFC Ltd bought a new position in Argan in the 2nd quarter valued at $70,000. Finally, nVerses Capital LLC bought a new stake in shares of Argan during the third quarter worth $91,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

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.