Argan (NYSE:AGX) Sets New 52-Week High – Should You Buy?

Argan, Inc. (NYSE:AGX)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $476.00 and last traded at $473.8450, with a volume of 55526 shares traded. The stock had previously closed at $466.38.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Glj Research raised Argan from a “hold” rating to a “buy” rating and lifted their price target for the stock from $251.00 to $369.00 in a research note on Monday, November 10th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $370.00 target price (up from $315.00) on shares of Argan in a research report on Monday, December 1st. Weiss Ratings reissued a “buy (b+)” rating on shares of Argan in a research report on Wednesday, December 24th. The Goldman Sachs Group began coverage on shares of Argan in a report on Tuesday, November 11th. They issued a “buy” rating and a $397.00 price objective for the company. Finally, CJS Securities raised Argan to a “hold” rating in a report on Thursday, December 11th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $355.20.

Argan Trading Up 1.9%

The firm has a market capitalization of $6.59 billion, a P/E ratio of 55.81 and a beta of 0.57. The stock has a 50-day simple moving average of $380.21 and a two-hundred day simple moving average of $324.89.

Argan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Thursday, January 22nd were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, January 22nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.4%. Argan’s dividend payout ratio (DPR) is currently 23.56%.

Insider Transactions at Argan

In related news, Director William F. Leimkuhler sold 11,044 shares of Argan stock in a transaction on Friday, January 16th. The shares were sold at an average price of $379.15, for a total value of $4,187,332.60. Following the sale, the director owned 49,939 shares of the company’s stock, valued at approximately $18,934,371.85. This trade represents a 18.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Ronald Jr. Jeffrey sold 5,000 shares of Argan stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $360.78, for a total value of $1,803,900.00. Following the completion of the sale, the director owned 8,192 shares in the company, valued at approximately $2,955,509.76. The trade was a 37.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 55,915 shares of company stock valued at $20,182,794. 6.69% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Argan

Large investors have recently modified their holdings of the business. Emerald Mutual Fund Advisers Trust purchased a new stake in Argan in the 3rd quarter valued at approximately $14,138,000. Thames Capital Management LLC purchased a new stake in shares of Argan in the third quarter valued at about $11,175,000. Leavell Investment Management Inc. lifted its position in shares of Argan by 125.3% in the third quarter. Leavell Investment Management Inc. now owns 12,505 shares of the construction company’s stock valued at $3,377,000 after acquiring an additional 6,955 shares in the last quarter. Versor Investments LP acquired a new stake in shares of Argan during the 3rd quarter worth about $971,000. Finally, Moody Aldrich Partners LLC acquired a new position in Argan in the 3rd quarter valued at $3,772,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

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.