William Leimkuhler Sells 11,802 Shares of Argan (NYSE:AGX) Stock

Argan, Inc. (NYSE:AGX) Director William Leimkuhler sold 11,802 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $274.73, for a total transaction of $3,242,363.46. Following the transaction, the director owned 38,834 shares in the company, valued at approximately $10,668,864.82. This trade represents a 23.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Argan Stock Performance

Argan stock opened at $272.02 on Friday. The stock has a market cap of $3.76 billion, a PE ratio of 32.69 and a beta of 0.64. The stock has a fifty day moving average of $237.39 and a 200 day moving average of $199.26. Argan, Inc. has a one year low of $101.02 and a one year high of $283.35.

Argan (NYSE:AGX) last issued its quarterly earnings data on Thursday, September 4th. The construction company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.51. Argan had a net margin of 12.73% and a return on equity of 32.61%. The firm had revenue of $237.74 million for the quarter, compared to analysts’ expectations of $243.97 million. During the same quarter in the prior year, the business earned $1.31 EPS. The business’s quarterly revenue was up 4.7% on a year-over-year basis.

Argan Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Thursday, October 23rd will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, October 23rd. This represents a $2.00 annualized dividend and a dividend yield of 0.7%. This is a positive change from Argan’s previous quarterly dividend of $0.38. Argan’s dividend payout ratio is currently 18.03%.

Hedge Funds Weigh In On Argan

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Larson Financial Group LLC raised its holdings in Argan by 2,987.5% in the first quarter. Larson Financial Group LLC now owns 247 shares of the construction company’s stock worth $32,000 after purchasing an additional 239 shares in the last quarter. Mark Sheptoff Financial Planning LLC purchased a new position in shares of Argan in the 2nd quarter worth approximately $44,000. IFP Advisors Inc bought a new position in shares of Argan during the 2nd quarter worth approximately $71,000. EverSource Wealth Advisors LLC lifted its position in Argan by 1,116.7% during the second quarter. EverSource Wealth Advisors LLC now owns 365 shares of the construction company’s stock valued at $80,000 after acquiring an additional 335 shares during the last quarter. Finally, State of Wyoming acquired a new stake in Argan in the first quarter valued at approximately $109,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Analyst Ratings Changes

AGX has been the topic of several recent analyst reports. Glj Research started coverage on Argan in a report on Monday, September 22nd. They issued a “hold” rating and a $251.00 price target on the stock. Wall Street Zen raised Argan from a “hold” rating to a “buy” rating in a research report on Friday, September 5th. Lake Street Capital lifted their price objective on Argan from $236.00 to $260.00 and gave the company a “buy” rating in a report on Friday, September 5th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Argan in a report on Monday, July 21st. They set a “neutral” rating and a $220.00 target price on the stock. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $220.25.

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.