David Hibbert Watson Sells 10,000 Shares of Argan, Inc. (NYSE:AGX) Stock

Argan, Inc. (NYSE:AGX) CEO David Hibbert Watson sold 10,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $146.05, for a total transaction of $1,460,500.00. Following the completion of the sale, the chief executive officer now directly owns 51,291 shares in the company, valued at approximately $7,491,050.55. The trade was a 16.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Argan Trading Down 0.1 %

Shares of AGX opened at $139.33 on Friday. The firm has a market cap of $1.89 billion, a P/E ratio of 29.15 and a beta of 0.53. Argan, Inc. has a 12 month low of $43.44 and a 12 month high of $165.33. The stock’s 50 day moving average is $142.51 and its two-hundred day moving average is $102.59.

Argan (NYSE:AGX) last released its quarterly earnings results on Thursday, December 5th. The construction company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.74. The firm had revenue of $257.00 million for the quarter, compared to analysts’ expectations of $225.60 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. The company’s quarterly revenue was up 56.9% compared to the same quarter last year.

Argan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Thursday, January 23rd will be given a dividend of $0.375 per share. The ex-dividend date of this dividend is Thursday, January 23rd. This represents a $1.50 annualized dividend and a dividend yield of 1.08%. Argan’s dividend payout ratio (DPR) is presently 31.38%.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. CJS Securities reissued a “market perform” rating and issued a $150.00 price objective on shares of Argan in a report on Friday, December 6th. Lake Street Capital lowered Argan from a “buy” rating to a “hold” rating and upped their price objective for the stock from $85.00 to $150.00 in a research report on Tuesday, December 3rd. Finally, StockNews.com lowered shares of Argan from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th.

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.