Richard H. Deily Sells 6,256 Shares of Argan, Inc. (NYSE:AGX) Stock

Argan, Inc. (NYSE:AGX) CFO Richard H. Deily sold 6,256 shares of the stock in a transaction on Friday, April 19th. The shares were sold at an average price of $61.15, for a total value of $382,554.40. Following the completion of the transaction, the chief financial officer now directly owns 8,185 shares in the company, valued at approximately $500,512.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Argan Price Performance

NYSE AGX traded up $0.82 during trading on Friday, hitting $61.81. 119,597 shares of the company’s stock traded hands, compared to its average volume of 72,317. The stock has a fifty day moving average of $49.73 and a two-hundred day moving average of $47.02. Argan, Inc. has a 12-month low of $37.37 and a 12-month high of $62.19. The firm has a market cap of $818.36 million, a P/E ratio of 25.79 and a beta of 0.49.

Argan (NYSE:AGX) last posted its earnings results on Thursday, April 11th. The construction company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.14. The company had revenue of $164.55 million during the quarter, compared to analyst estimates of $162.05 million. Argan had a net margin of 5.64% and a return on equity of 11.37%. Argan’s revenue for the quarter was up 38.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.46) earnings per share.

Argan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Monday, April 22nd will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, April 19th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.94%. Argan’s dividend payout ratio is currently 50.21%.

Institutional Trading of Argan

A number of institutional investors have recently modified their holdings of AGX. Bank of New York Mellon Corp boosted its holdings in shares of Argan by 3.3% during the first quarter. Bank of New York Mellon Corp now owns 120,094 shares of the construction company’s stock worth $4,874,000 after purchasing an additional 3,795 shares during the period. PNC Financial Services Group Inc. purchased a new stake in shares of Argan during the first quarter worth about $109,000. Bank of Montreal Can purchased a new stake in shares of Argan during the first quarter worth about $340,000. MetLife Investment Management LLC boosted its holdings in shares of Argan by 45.5% during the first quarter. MetLife Investment Management LLC now owns 8,933 shares of the construction company’s stock worth $363,000 after purchasing an additional 2,793 shares during the period. Finally, Panagora Asset Management Inc. boosted its holdings in shares of Argan by 4.1% during the first quarter. Panagora Asset Management Inc. now owns 41,946 shares of the construction company’s stock worth $1,703,000 after purchasing an additional 1,638 shares during the period. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AGX has been the topic of a number of research analyst reports. Lake Street Capital increased their target price on Argan from $61.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, April 12th. StockNews.com upgraded shares of Argan from a “buy” rating to a “strong-buy” rating in a research report on Monday.

About Argan

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, technical, and consulting services to the power generation market. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments.