Argan (NYSE:AGX) Stock Price Down 3.6% – Here’s Why
by Michael Walen · The Markets DailyShares of Argan, Inc. (NYSE:AGX – Get Free Report) dropped 3.6% during mid-day trading on Wednesday . The company traded as low as $325.83 and last traded at $321.1950. Approximately 77,334 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 413,446 shares. The stock had previously closed at $333.23.
Analyst Ratings Changes
Several research analysts have weighed in on AGX shares. Wall Street Zen upgraded Argan from a “hold” rating to a “buy” rating in a report on Friday, September 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of Argan in a report on Wednesday, October 8th. Glj Research raised Argan from a “hold” rating to a “buy” rating and lifted their price target for the company from $251.00 to $369.00 in a research note on Monday, November 10th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $370.00 price objective (up from $315.00) on shares of Argan in a research report on Monday, December 1st. Finally, CJS Securities upgraded Argan to a “hold” rating in a report on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $355.20.
Get Our Latest Stock Analysis on Argan
Argan Stock Up 0.0%
The stock has a market capitalization of $4.62 billion, a P/E ratio of 39.25 and a beta of 0.60. The stock has a 50 day simple moving average of $326.92 and a two-hundred day simple moving average of $264.97.
Argan (NYSE:AGX – Get Free Report) last released its earnings results on Thursday, December 4th. The construction company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.35. The business had revenue of $251.15 million during the quarter, compared to analysts’ expectations of $251.50 million. Argan had a net margin of 13.11% and a return on equity of 31.38%. The firm’s revenue was down 2.3% on a year-over-year basis. During the same period last year, the business earned $2.00 earnings per share.
Argan Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Thursday, January 22nd will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Thursday, January 22nd. Argan’s payout ratio is 23.56%.
Insider Buying and Selling
In other news, CEO David Hibbert Watson sold 559 shares of Argan stock in a transaction that occurred on Thursday, October 9th. The stock was sold at an average price of $272.27, for a total transaction of $152,198.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James W. Quinn sold 1,000 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $328.04, for a total value of $328,040.00. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 74,739 shares of company stock valued at $21,160,327. Insiders own 6.69% of the company’s stock.
Hedge Funds Weigh In On Argan
Several institutional investors and hedge funds have recently modified their holdings of AGX. Aster Capital Management DIFC Ltd bought a new stake in Argan during the third quarter worth $25,000. Danske Bank A S acquired a new position in shares of Argan during the 3rd quarter worth $27,000. Accredited Wealth Management LLC acquired a new position in shares of Argan during the 3rd quarter worth $32,000. National Bank of Canada FI boosted its stake in Argan by 26.7% in the third quarter. National Bank of Canada FI now owns 147 shares of the construction company’s stock valued at $40,000 after buying an additional 31 shares in the last quarter. Finally, Palisade Asset Management LLC acquired a new stake in Argan in the third quarter valued at about $41,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.
About Argan
Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.
The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.